(RRGR) Global Alpha & Beta ETF

Overview

How RRGR Works

The AdvisorShares Global Alpha & Beta ETF (NYSE: RRGR) is a broadly diversified global equity ETF which seeks long-term capital growth. RRGR utilizes a “top-down” thematic approach while employing a proprietary security selection process and from time to time will employ risk management techniques to lower portfolio volatility and risk. RRGR is managed by Roger Nusbaum, CIO of Your Source Financial (“Portfolio Manager”).

The Portfolio Manager seeks to achieve the objective by investing primarily in other ETPs, individual stocks, and American Depositary Receipts (“ADRs”) that provide investment exposure to global equity markets and that meet certain selection criteria established by the Portfolio Manager.

Fund Documents

Financial Professional Documents

Portfolio Manager Commentaries

May 2013 Portfolio Manger's Commentary
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April 2013 Portfolio Manager's Commentary
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Asset Allocation

RRGR in the News

The following reprints should not be construed as an offer to sell or a solicitation of an offer to buy shares of any other funds. They are provided for informational purposes for AdvisorShares only.

12/28/2012 -

AdvisorShares Press Release, AdvisorShares Announces December 2012 Distributions

10/22/2012 - "Yahoo Earnings Imminent." http://video.cnbc.com/gallery/?video=3000124288&play=1

07/16/2012 - Woodley, Kyle. "New Alpha & Beta ETF is All About Strategy." http://investorplace.com/2012/07/new-alpha-beta-etf-is-all-about-strategy/

07/11/2012 -

Johnston, Michael. "Random Roger” Debuts Global Alpha & Beta ETF (RRGR)" etfdb.com.

07/10/2012 - Lydon, Tom. "AdvisorShares Readies Alpha/Beta ETF." http://www.etftrends.com/2012/07/advisorshares-readies-alphabeta-etf/

Performance -Quarter-End

RRGR Performance History (%) as of 03/31/2013

	NAV	Market Price Return	S&P 500 Index
1 Month	1.84	1.95	3.75
3 Month	6.14	6.99	10.61
YTD	6.14	6.99	10.61
Since Inception (07/10/2012)	11.34	11.41	18.91

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Returns less than one year are not annualized.

The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks. One cannot invest directly in an index.

Performance -Month-End

RRGR Performance History (%) as of 04/30/2013

	NAV	Market Price Return	S&P 500 Index
1 Month	0.61	0.54	1.93
3 Month	2.62	2.50	7.18
YTD	6.79	7.57	12.74
Since Inception (07/10/2012)	12.02	12.01	21.20

Fund Distributions

Ex-Date	Record Date	Pay Date	Cash Div	ST Cap Gain	LT Cap Gain	Return of Capital	Total Distribution
12-27-13	12-31-13	01-03-14	-	-	-	-	-
12-27-12	12-31-12	01-03-13	$0.135	$0.019	$0.00	$0.00	$0.154/per share

Why Invest in RRGR?*

For Portfolio Diversification - RRGR seeks to provide a less volatile globally diversified equity portfolio with the inclusion of risk management tools such as an allocation to gold, cash or inverse/short ETPs.
For Active Management - In order to add value and seek to lower volatility, RRGR employs an actively managed strategy that seeks to take advantage of a unique circumstance or trend using assets not correlated to the core holdings.
For Capital Preservation - As a response to adverse market, political or economic conditions, RRGR can temporarily maintain a defensive position up to 100% by utilizing debt securities and money market funds to help to seek capital preservation for shareholders.

*These are investment strategies of RRGR, not investment objectives.

5 Key Attributes

Top-Down Portfolio Management - RRGR employs a top-down investment style that looks at the overall economic picture and current market conditions and then narrows its focus down to sectors, industries or countries and ultimately to individual companies.
Big-Picture Investment Analysis - Prior to making an investment for RRGR, the Portfolio Manager relies on two big picture indicators:
- The 200-day moving average of the S&P 500 Index
- An inverted yield curve
Risk Management - When the S&P 500 is below its 200-day moving average or if the yield curve is inverted, the Portfolio Manager maintains a defensive position to preserve capital. This may include heightened levels of cash, reduction in risk assets, increase in risk-averse assets, and inclusion of short or inverse ETFs.
Sector Analysis - The Portfolio Manager overweights the S&P sectors that he expects to do well and underweights the sectors that he expects to underperform, to help maintain a diversified portfolio.
Fundamental Stock Analysis - The Portfolio Manager selects the stocks or ETFs by studying track record, future prospects and valuation comparison to peers.

About the Portfolio Manager

Roger Nusbaum – Chief Investment Officer & Portfolio Manager
Mr. Nusbaum leads the Sub-Advisor’s investment process and research team, manages the firm’s asset allocation models, and is Chief Editor of the firm’s market commentary. Mr. Nusbaum is known for the Random Roger stock market blog and has made many appearances on financial services media outlets. In addition, Mr. Nusbaum has been writing about ETFs and other exchange traded products for theStreet.com since 2005.

Mr. Nusbaum has been working in financial services for over 20 years. Prior to joining Your Source Financial in 2004, Mr. Nusbaum was founder of Nusbaum Capital Management, a boutique asset management firm. Mr. Nusbaum spent most of the 1990s as an institutional equities and options trader at Charles Schwab and Co. Mr. Nusbaum received a B.A. in economics from San Diego State University.

There is no guarantee that the Fund will achieve its investment objective. An investment in the Fund is subject to risk, including the possible loss of principal amount invested. Fund risks include equity risk, investment risk, market risk and trading risk. The Fund will be subject to the risks associated with the Underlying ETFs’ investments. Concentration risk may make the ETF sensitive to any single economic occurrence. Credit risk is due to a decline in credit quality. There is an increased risk of price volatility associated with an ETF’s investment in, or exposure to, emerging market countries, which may be magnified by currency fluctuation relative to the U.S. dollar. Other fund risks include securities risks and tracking error risk. For more information regarding specific risks, please see the prospectus.

A 200-Day Moving Average is a technical indicator used by traders to determine a stock or index’s closing average over the last 200 consecutive trading days, in an effort to discover changes in a trend. The Yield Curve is a graph that plots the yields of similar-quality bonds against their maturities, ranging from shortest to longest. An Inverted Yield Curve is when the yields on bonds with a shorter duration are higher than the yields on bonds that have a longer duration. An ADR (American Depositary Receipt) is a negotiable certificate issued by a U.S. bank representing a specified number of shares (or one share) in a foreign stock that is traded on a U.S. exchange. Alpha is the premium an investment earns above a certain benchmark. Beta is the measure of a fund’s relative volatility as compared to the S&P 500 Index.

Fund Basics

Symbol

RRGR
Exchange

NYSE Arca
Inception Date

07.10.2012
CUSIP

00768Y743
Indicative Value

RRGR.IV
Options

No

Manager Minutes, May 2013

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Price History

As of: 05/22/2013

NAV	$28.15	Closing Price	$28.44
Change	$-0.26	Change	$-0.01
Shares Outstanding	50,000	Volume	700
4PM Bid/Offer Midpoint	$28.12	Premium/Discount	$-0.03
Assets Under Management	$1,407,655.85
Premium/Discount Historical Data

Top Holdings (Log in above to view all holdings)

As of: 05/22/2013

Ticker	Name	Weight
---	WELLS FARGO ADV GOV'T M MKT	9.56%
TDIV	FT NASDAQ TECH DVD INDEX FUND	7.87%
IYW	ISHARES DOW JONES US TECHNOLOGY SECTOR INDEX FUND	7.73%
VOX	VANGUARD TELECOM SERVICE ETF	4.04%
GPC	GENUINE PARTS CO	3.69%

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 4:00 pm 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. A holding identified with an "MM" at the end of its name indicates it is a Money Market fund.

Fees & Expenses

Management Fee

1.00%
Other Expenses

0.57%
Acquired Fund Fees

0.15%
Gross Expense Ratio

1.72%
Fee Waiver and/or Expense Reimbursement

-0.32%
Net Expense Ratio

1.40%*

*The Advisor has contractually agreed to keep net expenses from exceeding 1.25% of the Fund’s average daily net assets until at least a year from the date of the Prospectus and for an indefinite period thereafter subject to annual reapproval of the agreement by the Board of Trustees. This agreement is limited to the Fund’s direct operating expenses and, therefore, does not apply to “Acquired Fund Fees and Expenses.