A Behavioral Research Approach to Portfolio Management. AdvisorShares Athena High Dividend ETF. Sub-Advised by AthenaInvest Advisors, LLC

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1 A Behavioral Research Approach to Portfolio Management AdvisorShares Athena High Dividend ETF Sub-Advised by AthenaInvest Advisors, LLC

2 Disclosures There is no guarantee that the Fund will achieve its investment objective. An investment in the Fund is subject to risk, including the loss of principal amount invested. The Fund 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. The Fund also invests in American Depositary Receipts ( ADRs ) which may be less liquid than the underlying securities and closed end funds are expected fluctuate which may cause prices to be higher or lower than the net asset value of the closed end fund holdings. 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. Other Fund risks include equity risk, foreign securities risk, investment risk, liquidity risk, marketing risk, trading risk. See prospectus for details regarding specific risks. This Fund may not be suitable for all investors. 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 calling (877) or by visiting the website at divi.advisorshares.com. Please read the prospectus carefully before you invest. Foreside Fund Services, LLC, distributor. 2

3 Executive Summary The AdvisorShares Athena High Dividend ETF (NYSE Arca: DIVI) seeks long-term capital appreciation. DIVI is a long global dividend equity strategy Each month, stocks are screened and selected using AthenaInvest s patented behavioral research. The research measures manager behavior, strategy consistency and conviction, and identifies stocks which are held in top relative weight positions within the equity universe. Long positions are selected from the highest conviction holdings in the global universe. A dividend overlay is used and stocks are selected from a high dividend universe and then the final portfolio is dividend weighted. Athena Invest uses behavioral research to measure investor behavior to determine the most attractive markets for tactical management. 3

4 DIVI s contribution to a diversified portfolio Global Equity Income Seeks to take advantage of global opportunities. Income - Invests in high dividend paying stocks and is dividend weighted for yield and return. Growth - Selects high conviction stocks for long term capital appreciation to equal or beat inflation. Tactical Allocation - Manages US, International and cash exposure. 4

5 DIVI Investment Strategy Source: AthenaInvest Advisors 5

6 Diamond Ratings Performance basis point (4% - 6%) Spread Between Highest and Lowest Conviction Source: AthenaInvest Advisors 6

7 DIVI s Stock & Fund Rating Process Monthly Process (22,000 Funds and Holdings) Patented Behavioral Algorithm (Fund and Stock Strategy and Ranking, Market Barometers) Source: AthenaInvest Advisors 7

8 DIVI s Monthly Review of Holdings Source: AthenaInvest Advisors 8

9 DIVI Portfolio Manager C. THOMAS HOWARD, Ph.D. Dr. Howard founded AthenaInvest Advisors, Inc. in 2005 and currently serves as Chief Executive Officer, Director of Research, and Chief Investment Officer. Dr. Howard s responsibilities include conducting the basic research underlying the Sub-Advisor s investment processes; structuring and monitoring investment portfolios; and making all buy and sell decisions. Dr. Howard is a Professor Emeritus at the Reiman School of Finance, Daniels College of Business, University of Denver, where for over 30 years he taught courses and published articles in the areas of investment management and international finance. After receiving a BS in Mechanical Engineering at the University of Idaho, Dr. Howard worked for three years for Proctor Gamble as a production and warehouse manager. Dr. Howard then entered Oregon State University, where he received an MS in Management Science after which he received a Ph.D. in Finance from the University of Washington. 9

10 DIVI Resources To find all of the available resources for the DIVI ETF, please visit DIVI ETF Fact Sheet DIVI Investment Process Sheet DIVI Investment Case DIVI Performance DIVI Monthly Portfolio Manager Commentaries DIVI Monthly Audio Manager Minutes (only available to financial professionals) DIVI Daily Holdings and Pricing To learn more about the portfolio manager, AthenaInvest Advisors, please visit: 10

11 Definitions R-squared is a statistical measure that represents the percentage of a fund or security's movements that can be explained by movements in a benchmark index. For fixed-income securities, the benchmark is the T-bill. For equities, the benchmark is the S&P 500 Index.. Basis Point is a unit that is equal to 1/100th of 1%, and is used to denote the change in a financial instrument. 11

12 Contact Information AdvisorShares Investments, LLC 4800 Montgomery Lane Suite 150 Bethesda, MD AdvisorShares Investment Consulting Team Follow AdvisorShares on Twitter Like' us on Facebook Get active ETF insights at AlphaBaskets.com 12 12