RANGER ALTERNATIVE MANAGEMENT

Ranger Alternative Management (Ranger Alternatives) is the investment manager responsible for managing the AdvisorShares Ranger Equity Bear ETF (NYSE Ticker: HDGE). HDGE is the first actively managed ETF which invests on a short basis only in U.S. equities. Ranger Alternatives invests its short-only strategy with the objective of generating positive relative risk-adjusted returns. The investment team implements a bottom-up, fundamental, research driven security selection process seeking to identify securities with low earnings quality or aggressive accounting practices; practices which may be intended on the part of company management to mask operational deterioration and bolster reported financial performance over a short time period. In addition, the investment team seeks to identify earnings driven events that may act as a catalyst to the price decline of a security, such as downward or reduced forward earning revisions.