Ranger Alternative Management, L.P. (“Ranger” or the “Firm”) was founded in 2008. The Firm is controlled by its General Partner, Ranger GP Services, LLC (the “General Partner”). The General Partner is controlled by Ranger Asset Management Company, LLC, a wholly owned subsidiary of First United Bank and Trust Company. As of December 31, 2023, the Firm managed approximately $69,142,443 of client assets on a discretionary basis. The Firm currently serves as a sub-adviser to and provides investment advisory services on a discretionary basis to the AdvisorShares Ranger Equity Bear ETF (ticker: HDGE) (the “Ranger ETF”). The Ranger ETF is a class of the AdvisorShares Trust, an investment company registered with the U.S. Securities and Exchange Commission in accordance with the Investment Company Act of 1940. While not applicable at this time, the Firm may provide investment advisory services to unregistered pooled investment vehicles and/or separately managed accounts on a future date. Investment supervisory services include: (1) establishing a client’s investment objectives within a short-only equity investment strategy; (2) buying or selling portfolio securities on behalf of each client; and (3) periodically reporting to investors the current investment holdings, valuations, transactions, capital gains or losses, investment income and performance. Ranger serves as a sub-adviser to and manages the day-to-day portfolio management activities of the AdvisorShares Ranger Equity Bear ETF (ticker: HDGE). The investment objective of the portfolio the Firm manages seeks capital appreciation through short sales of U.S. exchange- traded equity securities (the “Equity Bear Strategy”). The

Firm primarily undertakes short sales in mid- and large-capitalization public companies, exchange-traded funds (“ETFs”), exchange-traded notes (“ETNs”) and other exchange traded products (“ETPs”). For investment purposes and to cover its short positions, the Equity Bear Strategy may hold U.S. government securities, short-term high quality fixed income securities, money market instruments, overnight and fixed-term repurchase agreements, cash and cash equivalents with maturities of one year or less, and ETFs that invest in these types of instruments. Additional information regarding the Firm’s methods of analysis and investment strategy may be found in Item 8 – Method of Analysis, Investment Strategies and Risk of Loss. ALL DESCRIPTIONS AND REFERENCES IN THIS BROCHURE TO THE RANGER EQUITY BEAR ETF OR THE EQUITY BEAR PORTFOLIO ARE QUALIFIED IN THEIR ENTIRETY, INCLUDING WITHOUT LIMITATION, WITH RESPECT TO OBJECTIVES, STRATEGIES, INVESTMENT PROCESSES, AND TERMS OF INVESTMENTS BY THE RANGER EQUITY BEAR ETF PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION (TOGETHER, THE “OFFERING DOCUMENTS”), OR WITH RESPECT TO OTHER INVESTMENT PRODUCTS, SUCH OTHER INFORMATIONAL OR DISCLOSURE DOCUMENTS AS MAY BE PROVIDED BY THE FIRM. PROSPECTIVE INVESTORS ARE THEREFORE STRONGLY ENCOURAGED TO CAREFULLY REVIEW APPLICABLE OFFERING DOCUMENTS RELATING TO THE RANGER EQUITY BEAR ETF OR THE Ranger Alternative Management, L.P. Page 2 APPLICABLE DISCLOSURE DOCUMENTS RELATING TO OTHER INVESTMENT PRODUCTS, AND CONSULT THEIR LEGAL, TAX AND/OR FINANCIAL REPRESENTATIVES PRIOR TO MAKING AN INVESTMENT.