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(GEUR) Gartman Gold/Euro ETF

Overview

How GEUR Works

The AdvisorShares Gartman Gold/Euro ETF (NYSE Arca: GEUR) seeks to provide positive returns by utilizing the European Union’s euro to invest its assets in the gold market. GEUR offers investors an alternative method to invest in gold by financing gold purchases in liquid currencies other than the U.S. dollar. Euros are obtained through the sale of either exchange-traded currency futures or “over-the-counter” foreign exchange forward contracts. GEUR is managed by AdvisorShares Investments, LLC (“Portfolio Manager”).

Fund Documents

Portfolio Manager Commentaries

GEUR in the News

The following reprints should not be construed as an offer to sell or a solicitation of an offer to buy shares of any other funds. They are provided for informational purposes for AdvisorShares only.
01/28/2015 - Weinreich, Gil. "Long Live the Dollar; a Smarter Way to Buy Gold and More: Gartman, Yusko." http://www.thinkadvisor.com/2015/01/28/long-live-the-dollar-a-smarter-way-to-buy-gold-and?page_all=1
01/23/2015 - "Gold ETFs Look to Glitter in 2015." http://www.bloomberg.com/video/gold-etfs-look-to-glitter-in-2015-_XbglXpiSf~xbdWJD31FVA.html
01/06/2015 - Nadig, Dave. "Long Gold/Short Euro Working Beautifully" http://www.etf.com/sections/blog/long-goldshort-euro-working-beautifully
12/30/2014 -

AdvisorShares Press Release, AdvisorShares Announces December 2014 Distributions

Performance -Month-End

GEUR Performance History (%) as of 08/31/2016
 NAVMarket Price ReturnSpot price of Gold
1 Month-3.14-3.07-2.44
3 Months6.727.028.01
YTD19.6420.7323.25
1 Year15.9916.3515.35
Since Inception
(02/11/2014)
7.847.960.69

Performance -Quarter-End

GEUR Performance History (%) as of 06/30/2016
 NAVMarket Price ReturnSpot price of Gold
1 Month8.8810.258.96
3 Months10.1711.666.77
YTD22.0624.3824.34
1 Year13.2915.1112.79
Since Inception
(02/11/2014)
9.349.921.11

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Returns less than one year are not annualized.

The Spot price of Gold is valued on the basis of each day's 3pm London time announced price for an ounce of gold set by five market making members of the London Bullion Market Association. One cannot invest directly in an index.

Fund Distributions

Ex-DateRecord DatePay DateCash DivST Cap GainLT Cap GainReturn of CapitalTotal Distribution
12-23-16
12-28-16
12-30-16
-----
12-24-15
12-29-15
12-31-15
$0.00$0.2999$0.5931$0.00$0.8930/per share
12-24-14
12-29-14
12-31-14
$0.139$0.254$0.381$0.00$0.774/per share
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Why Invest in GEUR

  • For an Alternative Gold Funding Currency - Most gold investment vehicles use the U.S. dollar for making gold purchases. GEUR’s “Gold Financed in Euro” strategy offers an investor the flexibility to choose an alternative funding currency for their gold purchases, based on their individual risk preferences.
  • Efficient non-U.S. Dollar Financing - The Portfolio Manager will assess the US dollar and euro yield curve to determine the most cost effective maturity at which to borrow euros to fund gold purchases. However, the chosen maturity for funding will never exceed six months so as to minimize the exposure of the fund to longer term interest rates, which may be more volatile shorter term interest rates.
  • Drawdown Protection during Stressed Markets - Holding gold in a non-U.S. dollar denominated currency may help to limit the downside risk during stressed market environments where the U.S. dollar becomes a safe haven store of value.
  • Potential Inflation Protection - Holding an allocation to gold in a portfolio may provide a hedge against inflation.

Where can GEUR Fit in a Traditional Portfolio?

Exposure to gold in a traditional portfolio offers the opportunity to reduce that portfolio’s correlation to the broad equity market which in turn can reduce overall volatility. Gold also has a tendency to rise in the face of external shocks as does the US dollar. Owning gold in currency terms other than the US dollar can make for a more efficient exposure when uncertainty and emotion have escalated.

5 Key Attributes

  1. Alternate Currency Exposure - GEUR utilizes the euro to fund its gold position. For investors that are accustomed to buying and selling gold in US dollar terms (a widely used benchmark in other Gold ETFs), GEUR seeks to neutralize US dollar risk.
  2. Access to one of Dennis Gartman’s Popular Investment Ideas - Over the course of many years, economist Dennis Gartman has become well known for his cross trading of currencies and/or commodities. GEUR allows for a simple, cost effective way for investors to obtain a similar investment idea of gold priced in euros.
  3. Liquidity and Transparency - GEUR trades on the NYSE Arca Exchange, and can be easily bought and sold throughout the trading day. GEUR’s holdings are available daily on the advisorshares.com website.
  4. Tax Efficiency - GEUR is not subject to Unrelated Business Taxable Income (UBTI) nor will trigger a Schedule K-1, a feature in a commodity-linked investment.
  5. Positive Cost of “Carry” - As a byproduct of the current market environment, the strategy benefits from being short the currency in the form of what is effectively an interest rebate that accrues to the total return of the fund.

About the Portfolio Manager

Robert M. Parker, CFA
Rob Parker is the Director of Capital Markets for AdvisorShares, where he oversees trading, portfolio management and fund operations activity for the firm. Rob’s professional career has spanned over a decade and a half within the financial services industry, where he has worked across compliance, due diligence, and investment analysis as well as positions of Senior Portfolio Manager and Firm Principal. Rob managed assets for a proprietary investment practice that he created after serving as Senior Portfolio Manager at ProShare Advisors, where he managed leveraged, inverse, and long-short ETFs. Rob previously held positions held at Capital Financial Group, Wachovia Securities, The Advisors Group, and FOLIOfn, serving in a variety of analyst roles. He is a graduate of National University, earning a Bachelor of Science. He holds the Chartered Financial Analyst (CFA) designation and is a member of the CFA Society of Washington, DC.

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Manager Minutes, August 2016

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Price History

As of: 09/25/2016
NAV$13.76Closing Price$13.73
Change$-0.07Change$-0.06
Shares Outstanding2,075,000Volume196,234
4PM Bid/Offer Midpoint$13.74Premium/Discount$-0.02
Assets Under Management$28,553,627.63
Premium/Discount Historical Data

 

GEUR Exposure (Based on Net Market Value)

Name Weight
CASH 100%
GOLD Futures 1.03%
EURO FX Currency Futures 0%

GEUR Exposure (Based on Notional Market Value)

Name Weight
GOLD Futures 101.03%
EURO FX Currency Futures -100.17%

Shares are bought and sold at market price (closing price) not NAV and are not individually redeemed from the Fund. Market price returns are based on the midpoint of the bid/ask spread at 4:00 pm Eastern Time (when NAV is normally determined), and do not represent the return you would receive if you traded at other times. Holdings and allocations are subject to risks and to change.

Fund Basics

  • Symbol

    GEUR

  • Exchange

    NYSE Arca

  • Inception Date

    02/11/2014

  • CUSIP

    00768Y669

  • Indicative Value

    GEUR.IV

  • Options

    No

Fees & Expenses

  • Management Fee

    0.55%

  • Other Expenses

    1.66%

  • Gross Expense Ratio

    2.21%

  • Fee Waiver and/or Expense Reimbursement

    -1.56%

  • Net Expense Ratio

    0.65%*

  • *The Advisor has contractually agreed to keep net expenses from exceeding 0.65% of the Fund’s average daily net assets for at least one year from the date of the prospectus and for successive one-year periods thereafter unless the agreement is terminated.