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(GTAA) Morgan Creek Global Tactical ETF

Overview

How GTAA Works

The AdvisorShares Morgan Creek Global Tactical ETF (NYSE Arca: GTAA) seeks to preserve and grow capital from investments in the U.S. and foreign equity, fixed income, commodity and currency markets, independent of market direction. GTAA is managed by Morgan Creek Capital Management (“Portfolio Manager.”) The Portfolio Manager seeks to achieve GTAA’s objective by utilizing a combination of qualitative and quantitative approaches with established risk management controls to actively manage the portfolio in an attempt to control downside losses and protect capital. The wide diversification coupled with prudent portfolio management may allow GTAA to perform effectively across multiple economic environments.

Fund Documents

Portfolio Manager Commentaries

GTAA 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.
12/31/2013 -

AdvisorShares Press Release, AdvisorShares Announces December 2013 Distributions

08/19/2013 - Markets Now. "Foreign Equities a Better Bet Than U.S.?" http://video.foxbusiness.com/v/2616846798001/foreign-equities-a-better-bet-than-us/
03/12/2013 - "Tomorrow in 30: Time for a Pullback?" http://video.cnbc.com/gallery/?video=3000153754&play=1

Performance -Month-End

GTAA Performance History (%) as of 08/31/2014
 NAVMarket Price ReturnS&P 500 Index
1 Month1.521.444.00
3 Months0.89 0.734.69
YTD4.944.919.89
1 Year10.3510.4625.25
2 Years 4.884.9821.93
3 Years3.053.0020.61
Since Inception
(10/25/2010, Annualized)
2.092.0517.09

Performance -Quarter-End

GTAA Performance History (%) as of 06/30/2014
 NAVMarket Price ReturnS&P 500 Index
1 Month 1.161.002.07
3 Months2.83 2.955.23
YTD 5.22 5.197.14
1 Year 10.13 9.9624.61
2 Years 6.346.3822.59
3 Years 1.391.3316.58
Since Inception
(10/25/2010, Annualized)
2.262.2217.13

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 performance for periods before 07/28/14 is for the AdvisorShares Cambria Global Tactical ETF (the "Predecessor Fund") which was renamed the AdvisorShares Morgan Creek Global Tactical ETF on 07/28/14. The Predecessor Fund had different portfolio managers and investment strategy than the AdvisorShares Morgan Creek Global Tactical ETF. Performance prior to 07/28/14 reflects the Fund's performance prior to the change in manager and investment strategy and may not be indicative of the Fund's performance under the new manager and revised investment strategy. Performance since 07/28/14 reflects actual AdvisorShares Morgan Creek Global Tactical ETF performance.

The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks. 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
-----
12-27-13
12-31-13
01-03-14
$0.00$0.00$0.00$0.00$0.00/per share
12-27-12
12-31-12
01-03-13
$0.558$0.00$0.00$0.00$0.558/per share
12-28-11
12-30-11
01-04-12
$0.196$0.00$0.00$0.00$0.196/per share
12-29-10
12-31-10
01-05-11
$0.22$0.00$0.00$0.00$0.22/per share
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Why Invest in GTAA

  • For Investment Experience Based on the University Endowment Model - The Portfolio Manager is a global investment management firm in which nearly a quarter of the investment team, including top management, have endowment backgrounds from some of the top university programs in the country, with extensive experience in integrating alternative investments into traditional portfolios.
  • For Portfolio Diversification - GTAA can be a low volatility , low correlation holding that can of fer diversification from equities and fixed income.
  • Access to the Portfolio Manager’s Extensive Global Network - The Portfolio Manager is able to draw upon an extensive network of global thought leaders (including central bank governors) as part of their research process. They seek to leverage information advantage between public assets and private equity teams, rigorously sourcing and monitoring more than 2,000 managers a year globally.

Where can GTAA Fit in a Traditional Portfolio?

GTAA may serve as a source of tactical diversification as an actively managed, multi-asset fund but its new portfolio managers will be forward looking based on macro themes driven by demographics and large capital flows all sourced from a huge network of industry relationships as well as powerful in-house research.

GTAA’s tactical strategy can compliment core equity and fixed income holdings for its ability to allocate more aggressively when conditions dictate and then to allocate more defensively when risk factors escalate.

5 Key Attributes

  1. Discretionary Macro - GTAA is considered a “discretionary macro” fund in which the investment team creates the ideas and investment themes based on fundamental views as opposed to strictly relying on computer model signals.
  2. Thematic Approach - The portfolio manager takes a thematic approach to investing in both public and private strategies based on its views on economic and market trends. Long-term themes (5-10 years) are formed after extensive research and discussion among investment team members, complemented by shorter-horizon (1-2 years) tactical themes.
  3. Multi-Asset Diversification - The Portfolio Manager invests in a wide range of asset classes, including equities, fixed income, currencies and commodities. Ideas can be implemented across asset classes.
  4. Geography - The Portfolio Manager has a long history of looking at investments across the globe, in both developed and emerging markets.
  5. Edge - After extensive research, the GTAA portfolio is shaped based on the Portfolio Manager’s long-term forward-looking strategic thinking which helps to determine where tailwinds in the markets can be found. But they have a willingness to make short-term tactical adjustments as needed.

About the Portfolio Manager

Mark Yusko, Chief Executive Officer and Chief Investment Officer
Mr. Yusko is the Chief Executive Officer and Chief Investment Officer of Morgan Creek Capital Management. Prior to forming Morgan Creek, Mr. Yusko was President, Chief Investment Officer and Founder of UNC Management Company, the Endowment investment office for the University of North Carolina at Chapel Hill, from 1998 to 2004. Throughout his tenure, he directly oversaw strategic and tactical asset allocation recommendations to the Investment Fund Board, investment manager selection, manager performance evaluation, spending policy management and performance reporting. Until 1998, Mr. Yusko was the Senior Investment Director for the University of Notre Dame Investment Office where he joined as the Assistant Investment Officer in October of 1993. He worked with the Chief Investment Officer in all aspects of Endowment Management. Mr. Yusko received his Bachelor of Science Degree, with Honors, in Biology and Chemistry from the University of Notre Dame and a Master of Business Administration in Accounting and Finance from the University of Chicago.

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Fund Basics

  • Symbol

    GTAA

  • Exchange

    NYSE Arca

  • Inception Date

    10/25/2010

  • CUSIP

    00768Y800

  • Indicative Value

    GTAA.IV

  • Options

    No

Manager Minutes, September 2014

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Price History

As of: 09/16/2014
NAV$25.51Closing Price$25.49
Change$0.11Change$0.13
Shares Outstanding900,000Volume3,395
4PM Bid/Offer Midpoint$25.48Premium/Discount$-0.03
Assets Under Management$22,959,735.02
Premium/Discount Historical Data

 

Top Holdings

As of: 09/16/2014
Ticker Name Weight
--- CASH 9.47%
--- GOLDMAN FINL SQ TRSRY INST 506 8.90%
TLT ISHARES 20+ YEAR TREASURY BO 6.87%
EUO PROSHARES ULTRASHORT EURO 5.30%

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. A holding identified with an "MM" at the end of its name indicates it is a Money Market fund.

Fees & Expenses

  • Management Fee

    0.90%

  • Other Expenses

    0.25%

  • Acquired Fund Fees

    0.44%

  • Gross Expense Ratio

    1.59%

  • Net Expense Ratio

    1.59%*

  • *The Advisor has contractually agreed to keep net expenses from exceeding 1.25% 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.