Executive Board

AdvisorShares Investments, LLC

Noah Hamman

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Noah’s 15+ years of experience includes a focus on innovative financial technology, and innovative financial products. His experience spans a solid financial services foundation at Fidelity Investments. From that foundation, Noah has had the opportunity to develop one of the first web-based brokerage trading and systems, to the startup of the first web-based personalize portfolio management systems, to directing a national mutual fund firm as one of the early providers of index-based ETFs, to a founder of one of the first firms to offer actively managed ETFs.

Noah is the founder and CEO of AdvisorShares Investments. AdvisorShares is one of the first firms to apply for actively managed ETF exemptive relief from the SEC. AdvisorShares is designed as a platform for the development of actively managed ETFs, offered in a patent pending structure.

In 2006, Noah was an equity founding partner of Arrow Investment Advisors, advisor to the Arrow Funds. In the first 24 months of operation, Arrow had more than $350 million in assets under management and distribution relationships with several premier firms including Merrill Lynch. Noah was the Vice President of Business Development at Rydex Investments. At Rydex, Noah led the launch of the firm's index based ETF, commencing with the launch of RSP (Rydex S&P Equal Weight ETF). In addition, Noah diversified the firm's business and product lines by developing the firm's first buy and hold mutual funds, and creating a newly established investment advisor to distribute a mutual fund wrap program in conjunction with several institutional money managers.

Noah also spent two years as Senior Vice President at internet startup Foliofn, where he had several responsibilities including establishing the retail inside sales team and created a proprietary proxy and corporate action administration system. Additionally, he held various positions during his eight years at Fidelity Investments—including director, securities trader, trainer, online trading product manager, and call center director.

Noah earned a Bachelor of Science degree in Finance from the University of North Texas.

AdvisorShares ETF Trust

Elizabeth Piper/Bach, JD, CIMA®, CFP® – Independent Trustee

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Elizabeth (Betsy) Piper/Bach brings a wealth of insight and experience in the financial services industry. Ms. Piper/Bach, an experienced financial services executive, has lead new product development and company mergers/acquisitions in the financial services sector while specializing in new regulations and challenges of the ever changing securities industry.

Ms. Piper/Bach is currently serving a two-year term as the Investment Management Consultants Association (IMCA) vice president. She has been a director of the organization for five years and a member of the Finance, Audit, and Investment Committee, Personnel Committee, Certification Committee, Investments & Wealth Monitor Editorial Advisory Board as well as the Journal of Investment Consulting Editorial Advisory Board.

Ms. Piper/Bach is the Vice President, NADA Retirement Administrators Inc., a subsidiary of the National Automobile Dealers Association providing investment choices, recordkeeping and plan administration for retirement plans of all types nationwide. NADA RAI has $2.4 billion of assets under administration. Previously she was president of Cardinal Trust and Investment Services, and chief investment officer for Wilson/Bennett Capital Management, senior vice president and chief trust officer at FBR National Trust Co., chief investment officer of Money Management Advisors, Inc., managing director for FOLIOfn, Inc., president and chief executive officer of Brenton Investments, and chief financial services officer at Brenton Bank. She also has held positions with John G. Kinnard & Co. and Dain Bosworth, Inc.

Ms. Piper/Bach earned a B.S. in special education from St. Cloud University, an M.Ed from George Washington University, and a JD from The Catholic University of America Columbus School of Law. She has been a member of the New York Stock Exchange Item Writing Committee, an active member of the Securities Industry Association, the Financial Planning Association, the American Bankers Association, and American Bar Association.

William "Bill" McVay, CIMA®, CIMC®, CFP®, ChFC®, CLU® – Independent Trustee

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Bill McVay has a background of more than twenty-five years in pension and investment consulting. He founded RDK Strategies in 2007 to provide investment advice to financial institutions, endowments, foundations, corporations and pension funds. He was most recently Vice-President and a partner of financial software developer Zephyr Associates, the leading provider of style based investment analytics.

Mr. McVay was previously Executive Vice-President of Financeware, Inc. and, prior to that, was First Vice-President of Legg Mason Wood Walker where he was Co-Director of Investment Management Services and the Director of the Investment Consulting Group for eleven years. In his tenure at Legg Mason, Bill developed and managed all retail and institutional consulting services, investment management research, client service programs, built and managed fee based investment programs, investment advisory compliance systems, investment analytics, consulted with institutional clients and directed and oversaw the consulting activities of Legg Mason Financial Consultants. Mr. McVay also oversaw the managed futures and alternative strategies activities of Legg Mason Wood Walker, provided internal acquisition due diligence on investment advisory firms and was the President of LM Falcon Investment Strategies, Inc., a Legg Mason subsidiary specializing in developing alternative investment products and hedge funds. Prior to Legg Mason, Mr. McVay was the Director of the Asset Management Consulting Group at Shearson Lehman Brothers.

Mr. McVay is a graduate of Southeast Missouri State University and holds the designations of Certified Investment Management Analyst (CIMA), Certified Investment Management Consultant (CIMC), Certified Financial Planner (CFP), Chartered Financial Consultant (ChFC) and Chartered Life Underwriter (CLU). He is a member of the Investment Management Consultants Association and the Southern Employee Benefits Conference.

Mr. McVay is a past member of the Board of Directors of the Investment Management Consultants Association where he was also Treasurer and Vice-President. He has also served on the IMCA Industry Advisory Council and on the Consultants Performance Presentation Standards Task Force. and is a frequent national speaker on investment management and performance evaluation issues.

Noah Hamman – Interested Trustee