Product Guide Equity AdvisorShares Madrona Domestic ETF FWDD Domestic AdvisorShares TrimTabs Float Shrink ETF TTFS Domestic AdvisorShares WCM/BNY Mellon Focused Growth ADR ETF AADR International AdvisorShares Madrona International ETF FWDI International AdvisorShares EquityPro ETF EPRO Global AdvisorShares Athena High Dividend ETF DIVI Global Income AdvisorShares QAM Equity Hedge ETF QEH Long/Short AdvisorShares Ranger Equity Bear ETF HDGE Short Domestic FLRT Bank Loan AdvisorShares Madrona Global Bond ETF FWDB Global Multi-Sector Income AdvisorShares Pacific Enhanced Floating Rate ETF AdvisorShares Treesdale Rising Rates ETF* HDGB Negative Duration AdvisorShares Sage Core Reserves ETF HOLD Ultra Low Duration AdvisorShares Peritus High Yield ETF HYLD High Income AdvisorShares Market Adaptive Unconstrained Income ETF MAUI Global Multi-Sector AdvisorShares Newfleet Multi-Sector Income ETF MINC Short Term Multi-Sector AdvisorShares YieldPro ETF YPRO Alternative Income GIVE Impact Investing AdvisorShares Morgan Creek Global Tactical ETF GTAA Discretionary Tactical AdvisorShares Meidell Tactical Advantage ETF MATH Quantitative Tactical AdvisorShares STAR Global Buy-Write ETF VEGA Total Return Multi-Asset AdvisorShares Global Echo ETF AdvisorShares Gartman Gold/Euro ETF AdvisorShares Gartman Gold/Yen ETF Commodity GEUR Currency Hedged GYEN Currency Hedged *Effective but not available for sale at this time. www.advisorshares.com | 1.877.843.3831 4800 Montgomery Lane, Suite 150 • Bethesda, Maryland 20814 . Product Guide An investment in the Funds is subject to risk, including the possible loss of principal amount invested. Derivatives, as associated with FLRT, GEUR, GYEN, QEH, VEGA, may be riskier and more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Fund’s original investment. GIVE, HDGB, HDGE, QEH and VEGA may participate in leveraged transactions to include selling securities short which creates the risk of magnified capital losses. Under certain market conditions, short sales can increase the volatility and decrease the liquidity of certain securities or positions and may lower the Fund’s return or result in a loss.

Writing and purchasing call and put options are specialized activities and entail greater than ordinary investment risk when considering VEGA. AADR, DIVI and FWDI may use ADRs which are subject to the risk of change in political or economic conditions and exchange rates in foreign currencies. HYLD includes high yield risk, which are lower rated bonds involve a greater degree of risk than investment grade bonds in return for higher yield potential.

As it pertains to DIVI, Real Estate Investment Trust Risk (“REITs”) will be subject to the risks associated with the direct ownership or real estate such as fluctuation in value of property and defaults by borrowers or tenants. DIVI may invest in Exchange-Traded Vehicles which subjects the Fund to the risks associated with such vehicle’s investments or reference asset in the case of ETNs, including the possibility that value of the securities could decrease. HOLD’s investment in fixed income securities will change in value in response to interest rate changes and other factors, such as the perception of the issuer’s creditworthiness.

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. A long position is the purchase of an investment with the expectation that it will rise in value. A short position is the sale of a borrowed investment with the expectation that it will decline in value. Duration measures (in years) the sensitivity of the price of a fixed-income investment to a 1% change in interest rates. Shares are bought and sold at market price (closing price) not NAV and are not individually redeemed from the Fund.

Market price returns are based on the midpoint of the bid/ask spread at 4:00pm Eastern Time (when NAV is normally determined), and do not represent the return you would receive if you traded at other times. Holdings and allocations are subject to risks and to change. 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 Fund’s website at www.AdvisorShares.com.

Please read the prospectus carefully before you invest. Foreside Fund Services, LLC, distributor. www.advisorshares.com | 1.877.843.3831 .