SCHEDULE A to the EXPENSE LIMITATION AGREEMENT dated June 2, 2009, amended as of December 28, 2010 between ADVISORSHARES TRUST AND ADVISORSHARES INVESTMENTS, LLC MAXIMUM ANNUAL OPERATING EXPENSE LIMITS

SCHEDULE A

to the

EXPENSE LIMITATION AGREEMENT

dated June 2, 2009, amended as of December 28, 2010

between

ADVISORSHARES TRUST

AND ADVISORSHARES INVESTMENTS, LLC

MAXIMUM ANNUAL OPERATING EXPENSE LIMITS

This Agreement relates to the following Funds of the Trust:

Name of Fund		Maximum Annual
		Operating Expense Limit
Dent Tactical ETF			1.50%
WCM / BNY Mellon Focused Growth ADR ETF			1.25%
Mars Hill Global Relative Value ETF			1.50%
Peritus High Yield ETF			1.35%
Cambria Global Tactical ETF			1.35%
Active Bear ETF			1.75%
SiM Dynamic Allocation Diversified Income ETF			1.40%
SiM Dynamic Allocation Growth Income ETF			1.40%
Madrona Forward Domestic ETF			1.25%
Madrona Forward International ETF			1.25%
Madrona Forward Global Bond ETF			0.95%