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Active ETF
Product Guide
Use this guide to learn more about each of the ETFs offered by AdvisorShares, designed to seek alpha above similar index
based strategies that track a benchmark.
Ticker Strategy Overview
Alternative Strategies - These strategies are designed to seek Alpha and be used as complements to a Core Strategy
Core Tactical
Dent Tactical DENT DENT employs a tactical momentum strategy with an ability to go 100% to cash It
measures relative strength across asset classes to determine allocation and momentum
to determine exposure to the market.
Cambria Global Tactical GTAA GTAA employs a broadly diversified global tactical asset allocation strategy, with the
ability to go 100% to cash by using multiple trend following algorithms to manage risk.
Meidell Tactical Advantage MATH MATH employs a broadly diversified tactical asset allocation strategy, with the ability to
go to 100% fixed income and cash. It uses a quantitative process to measure the velocity
of change across asset classes to determine its allocation.
Long/Short
Mars Hill Global Relative Value GRV GRV employs a Long/Short global equity strategy with an emphasis on relative value. It
is designed to be “dollar neutral”, but not “beta neutral”, however during periods of strong
conviction for the manager, the strategy may increase or decrease long or short exposure
to +/- 50%.
Rockledge SectorSAM SSAM* SSAM employs a long/short strategy that uses a proprietary quantitative analysis to
forecast each sector’s excess return within a specific time horizon. It buys the most
promising sectors, and establishes short positions in the least promising.
Short
Active Bear HDGE HDGE employs a short only domestically traded equity strategy. It uses fundamental and
tactical analysis with an emphasis on forensic accounting and downside protection.
Core Strategies - These strategies are designed to be part of a traditional asset allocation strategy
Core Domestic Strategies
Madrona Domestic FWDD FWDD employs a broadly diversified domestic equity strategy based on consensus
analyst estimates of the present value of future expected earnings relative to the share
price of each security This strategy is designed to be a modern “fundamental approach”
to investment selection and allocation.
TrimTabs Float Shrink TTFS* TTFS employs a broadly diversified domestic equity strategy with an emphasis on
investing in stocks with liquidity and fundamental characteristics that are decreasing their
float shrink, not increasing it.
Core International Strategies
WCM/BNY Mellon Focused AADR AADR employs a focused international growth ADR strategy with an emphasis on high
Growth ADR quality companies in traditional growth sectors.
Madrona International FWDI FWDI employs a broadly diversified international equity based on consensus analyst
estimates of the present value of future expected earnings relative to the share price
of each security. This strategy is designed to be a modern “fundamental approach” to
investment selection and allocation.
Accuvest Global Opportunities ACCU* ACCU employs a focused international growth strategy using single country ETFs that
are selected based on a proprietary country ranking model to identify countries whose
markets may outperform other world equity markets.
Core Income Strategies
Peritus High Yield HYLD HYLD employs a focused income strategy which does not rely on rating agencies;
instead doing their own fundamental business valuation to determine if a company
will pay it’s debt obligations or not. The strategy can have “variable risk” exposure by
allocating to cash when market conditions for high yield bonds are not favorable.
Madrona Global Bond FWDB FWDB employs a broadly diversified global multi-sector bond strategy, with an emphasis
on historic yield curve analysis and mean reversion.
*Although the Fund is effective, it has not yet launched and is not available for sale at this time.
For additional information, call AdvisorShares at 1-877-THE ETF1 or visit us at www.advisorshares.com
Portfolio Managers
Use this table to learn more about the experienced SEC registered investment advisors we work with to combine
their money management strategies with the benefits the ETF structure provides.
HS Dent Advisors, Inc. (HS Dent) is headquartered in Tampa, FL. HS Dent focuses on
economic and demographic research and employs a quantitative rules based approach
to managing money providing services to institutions and retail investors. Additional
information can be found on their website, www.hsdent.com.
Mars Hill Partners, LLC (Mars Hill) is headquartered in Colorado Springs, CO. Mars
Hill focuses on alternative non-correlating investment strategies and employs numerous
quantitative models with emphasis on top-down global macro research providing services
to institutions and retail investors. Additional information can be found on their website,
www.marshillpartners.com.
WCM Investment Management (WCM) is an SEC registered Investment Adviser
headquartered in Laguna Beach, CA. WCM focuses on fundamental, original equity
research as the foundation for portfolio returns and has several different styles providing
services to institutional investors. Additional information can be found on their website,
www.wcminvest.com.
Cambria Investment Management, Inc. (Cambria) is headquartered in Los Angeles,
CA. Cambria focuses on disciplined multi-asset, global quantitative research and deploys
a quantitative approach to managing money with particular emphasis on trend following,
technical analysis, capital preservation and downside protection providing services to
institutional and retail investors. Additional information can be found on their website,
www.cambriainvestments.com.
Peritus I Asset Management, LLC (Peritus) is headquartered in Santa Barbara, CA.
Peritus focuses on income generating strategies and is a value based, active credit
investment manager providing services to institutional and retail investors. Additional
information can be found on their website,
www.peritusasset.com.
Ranger Alternative Management, L.P. (Ranger) is headquartered in Dallas, TX. Ranger
focuses on short only equity strategies with emphasis on bottom-up, fundamental,
research driven security selection process providing services to institutional and retail
investors. Additional information can be found on their website,
www.rangeralternatives.com.
Madrona Funds, LLC (Madrona)is headquartered in Everett, WA. Madrona focuses on
fundamentally driven investment strategies with particular emphasis on present value of
future expected earnings providing services to institutional and retail investors. Additional
information can be found on their website,
www.madronafunds.com.
American Wealth Management (AWM) is headquartered in Everett, WA. AWM focuses
on disciplined multi-asset, global quantitative research and deploys a quantitative
approach to managing money with particular emphasis on technical analysis, capital
preservation and downside protection providing services to institutional and retail
investors. Additional information can be found on their website,
www.financialhealth.com.
For additional information, call AdvisorShares at 1-877-THE ETF1 or visit us at www.advisorshares.com
Portfolio Managers
(cont.)
TrimTabs Asset Management (TTAM) is headquartered in San Francisco, CA. TTAM
was established in 1995 and serves as investment adviser to a variety of individual and
TrimTabs institutional investor accounts. Additional information can be found on their website,
www.trimtabs.com.
ASSET MANAGEMENT
Rockledge Advisors (Rockledge) is a subsidiary of The Rockledge Group LLC, a
Connecticut limited liability company established in 2004. The Rockledge Group serves as
investment adviser to a variety of individual and institutional investor accounts in the U.S.
and in Europe. Additional information can be found on their website,
www.therockledgegroup.com.
Accuvest Global Advisors (Accuvest) is headquartered in Walnut Creek, CA. Founded
in 2005, Accuvest serves as investment adviser to a variety of individual and institutional
investor accounts, such as families, foundations, institutional investors, private funds, and
financial intermediaries. Additional information can be found on their website,
www.accuvest.com.
For additional information, call AdvisorShares at 1-877-THE ETF1 or visit us at www.advisorshares.com
Actively Managed
ETF Line-up
AdvisorShares is proud to offer a wide variety of actively managed ETFs and are dedicated to helping you understand
the underlying strategies of our ETFs. Please call us at 1-877-THE-ETF1 (1-877-843-3831) if we can be of assistance.
ETF Name Inception Ticker Style Asset Strategy Fund Direction # of # of Mgmt Gross Net
Date Class of Holdings Securities Fee Expenses Expenses
Funds Represented
Dent Tactical 9/16/2009 DENT ALL All Global Tactical Y Long / Flat 11 4487 95% 2.45% 1.50%1
Mars Hill Global 7/8/2010 GRV ALL Global Relative Value Y Long / 38 2087 1.35% 1.49% 1.49%2
Relative Value Equity Short
WCM/BNY Mellon 7/20/2010 AADR Growth Equity Fundamental/ N Long 26 26 0.75% 1.27% 1.25%3
Focused Growth Growth at a
ADR Reasonable Price
Cambria Global 10/25/2010 GTAA ALL All Global Tactical Y Long / Flat 76 22,421 0.90% 1.32% 1.29%4
Tactical Asset Allocation
Peritus High Yield 11/30/2010 HYLD High Bond Fundamental N Long / 35 35 1.10% 1.37% 1.35%5
Yield Short / Flat
Active Bear 1/26/2011 HDGE Blend Equity Short Only N Short 37 36 1.50% 1.88% 1.85%6
Fundamental/
Technical
Madrona 6/20/2011 FWDD Blend Equity Fundamental N Long 478 478 0.80% 1.12% 1.12%7
Domestic
Madrona 6/20/2011 FWDI Blend Intl Fundamental/ N Long 255 255 0.80% 1.12% 1.12%8
International Equity Mean Reversion
Madrona Global 6/20/2011 FWDB Blend Bond Fundamental N Long 17 4242 0.50% 1.17% 1.15%9
Bond
Meidell Tactical 6/22/2011 MATH Blend All Global Tactical Y Long 5 1210 1.20% 2.20% 1.60%10
Advantage Asset Allocation
TrimTabs Float Q4 2011* TTFS Blend Equity Fundamental/ N Long TBD TBD 0.99% 1.29% 0.99%11
Shrink Liquidity-based
Rockledge Q4 2011* SSAM Blend Equity Fundamental/ Y Long/Short TBD TBD 1.25% 1.80% 1.50%12
SectorSAM Economic/
Technical
Accuvest Global Q4 2011* ACCU Blend Global Country Rotation Y Long TBD TBD 0.95% 1.78% 1.78%13
Opportunities Equity
*Although the Fund is effective, it has not yet launched and is not available for sale at this time.
1
The Advisor has contractually agreed to keep net expenses from exceeding 1.50% of the Fund’s average daily net assets until October 31, 2011.
2
The Advisor has contractually agreed to keep net expenses from exceeding 1.50% of the Fund’s average daily net assets until October 31, 2011.
3
The Advisor has contractually agreed to keep net expenses from exceeding 1.25% of the Fund’s average daily net assets until October 31, 2011.
4
The Advisor has contractually agreed to keep net expenses from exceeding 0.99% of the Fund’s average daily net assets until September 12, 2011.
5
The Advisor has contractually agreed to keep net expenses from exceeding 1.35% of the Fund’s average daily net assets until November 30, 2011.
6
The Advisor has contractually agreed to keep net expenses from exceeding 1.85% of the Fund’s average daily net assets until September 21, 2011.
7
The Advisor has contractually agreed to keep net expenses from exceeding 1.25% of the Fund’s average daily net assets until October 31, 2012.
8
The Advisor has contractually agreed to keep net expenses from exceeding 1.25% of the Fund’s average daily net assets until October 31, 2012.
9
The Advisor has contractually agreed to keep net expenses from exceeding 0.95% of the Fund’s average daily net assets until October 31, 2012.
10
The Advisor has contractually agreed to keep net expenses from exceeding 1.35% of the Fund’s average daily net assets until October 31, 2012.
11
The Advisor has contractually agreed to keep net expenses from exceeding 0.99% of the Fund’s average daily net assets until at least May 11, 2012.
12
The Advisor has contractually agreed to keep net expenses from exceeding 1.50% of the Fund’s average daily net assets until at least May 11, 2012.
13
The Advisor has contractually agreed to keep net expenses from exceeding 1.25% of the Fund’s average daily net assets until at least July 25, 2012.
For additional information, call AdvisorShares at 1-877-THE ETF1 or visit us at www.advisorshares.com
Disclosure
Before investing, you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other
information is in the prospectus, a copy of which may be obtained by visiting the Funds’ website at www.advisorshares.com.
Please read the prospectus carefully before you invest. Foreside Fund Services, LLC, Distributor.
An investment in the Funds is subject to risk, including the possible loss of principal amount invested. The risks associated with each Fund
include the risks associated with the underlying ETFs, which can result in higher volatility, and are detailed in each Fund’s prospectus.
These Funds may not be suitable for all investors.
ADR (American Depositary Receipt) is a negotiable certificate issued by a U.S. Bank representing shares in a foreign stock that is traded
on a U.S. exchange. Mean Reversion is a theory suggesting that prices and returns eventually move back towards the mean or average.
Alpha is a measure of performance on a risk-adjusted basis. Beta is a measure of the volatility of a security or a portfolio in comparison
to the market as a whole. Long refers to buying an investment. Short refers to borrowing a security from a broker and selling it, with the
understanding that it must later be bought back (hopefully at a lower price) and returned to the broker. Short selling (or “selling short”) is a
technique used by investors who try to profit from the falling price of a stock. Relative Value is the attractiveness measured in terms of risk,
liquidity, and return of one instrument relative to another, or for a given instrument, of one maturity relative to another.
For additional information, call AdvisorShares at 1-877-THE ETF1 or visit us at www.advisorshares.com
AdvisorShares Investments, LLC
2 Bethesda Metro Center, Suite 1330 • Bethesda, Maryland, 20814
1-877-THE ETF1 or visit us at www.advisorshares.com
