AdvisorShares Peritus High Yield ETF - USD Stock

The investment objective of the High Yield ETF (NYSE Arca: HYLD) is to generate a high current income with a secondary goal of capital appreciation. HYLD is sub-advised by MacKay Shields. HYLD seeks to achieve the Fund's objective by selecting a focused portfolio largely of high yield corporate debt securities that, via their coupons, generate a tangible income stream. HYLD takes a value-based approach to credit selection, focusing on smaller issuers where there is less competition, that offer the opportunity for generous risk-adjusted yields. In addition and equally important, MacKay Shields takes an pro-active approach to managing risk. Our investment team's 360-degree risk management process looks beyond fundamentals to get a complete picture of the risks that may impact the portfolio, taking into account macroeconomic and business cycle factors, credit and interest rate risk, as well as issuer specific risk. This combination of research-based issuer selection with active risk management is what differentiates HYLD from its peers.