AdvisorShares announced closure of AGLS

According to a July 28 SEC filing, board of advisors for the AdvisorShares Accuvest Global Long Short ETF (AGLS) have approved the fund’s termination and  liquidation.

The Fund is expected to cease operations, liquidate its assets, and distribute the liquidation proceeds to shareholders of record on or about August 14,  2015 (the “Liquidation Date”).

The last day of trading of Fund shares on the NYSE Arca, Inc. is expected to be August 7, 2015. Between the last day of trading and the Liquidation Date,  shareholders will not be able to purchase or sell shares in the secondary market. Prior to the last day of trading, shareholders may continue to purchase  and sell shares through a broker in the standard manner. Customary brokerage charges may apply to such transactions. Between the last day of trading and  the Liquidation Date, the Fund will deviate from its stated investment objective and strategies as it winds up its business and affairs.

On or promptly after the Liquidation Date, the Fund will distribute to its remaining shareholders a liquidating cash distribution equal to the net asset value of the shareholders’ shares as of the close of business on the Liquidation Date. This amount includes any accrued capital gains and dividends. Shareholders remaining in the Fund on the Liquidation Date will not be charged any transaction fees by the Fund. The net asset value of the Fund on the Liquidation Date will reflect the costs of closing the Fund. The liquidating cash distribution to shareholders will be treated as payment in exchange for their shares. The liquidation of Fund shares may be treated as a taxable event. Shareholders should contact their tax adviser to discuss the income tax  consequences of the liquidation.

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