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(GLDE) International Gold ETF

Overview

How GLDE Works

The AdvisorShares International Gold ETF (NYSE Arca: GLDE) seeks to provide positive absolute returns by investing in exchange-traded products (ETPs) that provide diversified exposure to the international gold market. GLDE offers investors an alternative method to invest in gold by financing gold purchases in liquid currencies other than the U.S. dollar. GLDE is managed by Treesdale Partners, LLC (“Portfolio Manager”). The Portfolio Manager will seek, as appropriate, to maintain a balanced allocation of the Fund’s assets in each of the Underlying ETFs, which may be both affiliated or unaffiliated with the Fund. The affiliated Underlying ETFs are the AdvisorShares Gartman Gold/Yen ETF (GYEN), the AdvisorShares Gartman Gold/British Pound ETF (GGBP), and the AdvisorShares Gartman Gold/Euro ETF (GEUR). The Fund will also invest a proportion of its assets in one or more unaffiliated closed-end funds, Underlying ETFs, exchange traded notes (“ETNs”), and/or other ETPs to gain additional exposure to the international gold market.

Fund Documents

Portfolio Manager Commentaries

GLDE 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

GLDE Performance History (%) as of 09/30/2014
 NAVMarket Price ReturnSpot price of Gold
1 Month-3.13-3.45-5.39
3 Months-3.73-3.60-7.49
Since Inception
(02/11/2014)
-3.13-3.75-5.44

Performance -Quarter-End

GLDE Performance History (%) as of 09/30/2014
 NAVMarket Price ReturnSpot price of Gold
1 Month-3.13-3.45-5.39
3 Months-3.73-3.60-7.49
Since Inception
(02/11/2014)
-3.13-3.75-5.44

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
12-29-14
12-31-14
01-05-15
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Why Invest in GLDE

  • To Mitigate Short U.S. Dollar Risk and Increase Currency Diversification - Holding a gold position valued in a single currency (the U.S. dollar in most other ETFs) may expose an investor to unwanted short currency concentration risk. By funding a gold position across a number of currencies, GLDE can offer an investor diversification away from the U.S. dollar.
  • For Active Currency Allocation - If the Portfolio Manager determines that the price of gold expressed in a given funding currency offers a more attractive valuation versus its valuation in the other funding currencies, all things being equal, that funding currency will receive a larger allocation of GLDE’s assets for investment. However, GLDE will always seek to maintain a funding position in all four of the chosen funding currencies.
  • 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.
  • As a Hedge against Excessive Volatility in the Price of Gold - The Portfolio Manager may decide to purchase portfolio protection by using an option collar strategy (buying a put option tied to the price of gold and simultaneously selling a call option tied to the price of gold) during periods of excessive gold price volatility.

5 Key Attributes

  1. Currency Diversification - Rather than use the US dollar exclusively as the currency with which to make gold purchases, a combination of the European euro, British pound, Japanese yen and the US dollar will be used with the amounts of each currency being determined by the Portfolio Manager’s investment process.
  2. Gold Valuation Expressed in Multiple Currencies - GLDE seeks to provide an accessible method by which an investor is able to express a view on the value of gold versus any one of a number of liquid currencies including the U.S. dollar, the Japanese yen, the European euro, and the British pound.
  3. Liquidity and Transparency - GLDE trades on the NYSE Arca Exchange, and can be easily bought and sold throughout the trading day. GLDE’s holdings are available daily on the www.advisorshares.com website.
  4. Tax Efficiency - GLDE 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

    GLDE

  • Exchange

    NYSE Arca

  • Inception Date

    02/11/2014

  • CUSIP

    00768Y693

  • Indicative Value

    GLDE.IV

  • Options

    No

Manager Minutes, October 2014

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Price History

As of: 10/26/2014
NAV$12.55Closing Price$12.60
Change$-0.01Change
Shares Outstanding100,000Volume
4PM Bid/Offer Midpoint$12.50Premium/Discount$-0.05
Assets Under Management$1,254,919.27
Premium/Discount Historical Data

 

Top Holdings

As of: 10/26/2014
Ticker Name Weight
GEUR ADVISORSHARES GARTMAN GOLD/E 27.35%
GYEN ADVISORSHARES GARTMAN GOLD/Y 26.58%

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

    0.80%

  • Other Expenses

    0.14%

  • Acquired Fund Fees

    0.58%

  • Gross Expense Ratio

    1.52%

  • Net Expense Ratio

    1.52%