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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 Treesdale Partners, 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.
02/18/2014 - Savage, Terry. "A New Way to Buy Gold." http://www.creators.com/lifestylefeatures/business-and-finance/savage-truth-on-money.html
02/12/2014 - Sykora, Allen. "New ETFs Allow Exposure To Gold In Currencies Other Than U.S. Dollar." http://www.kitco.com/news/2014-02-12/New-ETFs-Allow-Exposure-To-Gold-In-Currencies-Other-Than-US-Dollar.html

Performance -Month-End

GEUR Performance History (%) as of 10/31/2014
 NAVMarket Price ReturnSpot price of Gold
1 Month-2.63-2.85-4.30
3 Months-2.32-2.32-9.41
Since Inception
(02/11/2014)
-1.48-1.41-9.50

Performance -Quarter-End

GEUR Performance History (%) as of 09/30/2014
 NAVMarket Price ReturnSpot price of Gold
1 Month-1.89-1.81-5.39
3 Months-0.54-0.61-7.49
Since Inception
(02/11/2014)
1.171.48-5.44

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
12-24-14
12-29-14
12-31-14
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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.

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. Professional Experience - For over eleven years, the Portfolio Manager has managed fixed income alternative assets along with currency/commodity strategies more recently. They have deep expertise in understanding and managing a broad range of fixed income and related instruments and investment vehicles.

About the Portfolio Manager

Ade Odunsi, Managing Director and Portfolio Manager
Mr. Odunsi is a Managing Director and has been affiliated with the Sub-Advisor since September 2011. Mr. Odunsi has 19 years of experience in derivative trading, sales and management at a number of leading, global investment banks. He has extensive experience as a market maker, discretionary global macro trader and systematic quantitative strategy trader. Prior to his position with the Sub-Advisor, Mr. Odunsi worked at Barclays Capital as Managing Director, Head of Corporate FX Sales from 2007 to 2009. In 2009, he became Head of FX Structuring Americas. In this role he was responsible in the Americas for FX trading strategy, idea generation, and FX risk advisory services for all client types. From 1999 to 2007, Mr. Odunsi worked at Merrill Lynch where he was Head of Exotic Option trading. In 2001 he moved to New York as Head of FX option trading in the Americas. Following a promotion to Managing Director in 2003, Mr. Odunsi transitioned into a structuring role taking on more responsibility to eventually become Head of FX, Rates & Commodity structuring in the Americas. Mr. Odunsi holds an M.A. in economics from Trinity Hall College, University of Cambridge.

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Fund Basics

  • Symbol

    GEUR

  • Exchange

    NYSE Arca

  • Inception Date

    02/11/2014

  • CUSIP

    00768Y669

  • Indicative Value

    GEUR.IV

  • Options

    No

Manager Minutes, November 2014

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Price History

As of: 11/27/2014
NAV$12.89Closing Price$12.98
Change$-0.05Change
Shares Outstanding175,000Volume
4PM Bid/Offer Midpoint$12.89Premium/Discount
Assets Under Management$2,255,265.36
Premium/Discount Historical Data

 

Top Holdings

GEUR Exposure (Based on Net Market Value)

Name Weight
CASH 99.99%
GOLD Futures -0.15%
EURO FX Currency Futures 2.6%

GEUR Exposure (Based on Notional Market Value)

Name Weight
GOLD Futures 100.89%
EURO FX Currency Futures -104.06%

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.

Fees & Expenses

  • Management Fee

    0.55%

  • Other Expenses

    10.17%

  • Acquired Fund Fees

    0.12%

  • Gross Expense Ratio

    10.84%

  • Fee Waiver and/or Expense Reimbursement

    10.07%

  • Net Expense Ratio

    0.77%*

  • *The Advisor has contractually agreed to keep net expenses from exceeding 0.65% of the Fund’s average daily net assets for at least a year from the date of the Prospectus and for an indefinite period thereafter subject to annual reapproval of the agreement by the Board of Trustees.