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(GYEN) Gartman Gold/Yen ETF

Overview

How GYEN Works

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

Fund Documents

Portfolio Manager Commentaries

GYEN 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
02/14/2014 - Bloomberg.com "Three Unique Ways to Play Gold." http://www.bloomberg.com/video/three-unique-ways-to-play-gold-3WX1IUiiRPud7WBRdjD0WA.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

GYEN Performance History (%) as of 11/30/2014
 NAVMarket Price ReturnSpot price of Gold
1 Month5.845.301.59
3 Months3.873.10-8.01
Since Inception
(02/11/2014)
4.844.06-8.06

Performance -Quarter-End

GYEN Performance History (%) as of 09/30/2014
 NAVMarket Price ReturnSpot price of Gold
1 Month-0.85-1.01-5.39
3 Months-1.00-1.92-7.49
Since Inception
(02/11/2014)
0.08-0.08-5.44

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 GYEN

  • For an Alternative Gold Funding Currency - Most gold investment vehicles use the U.S. dollar for making gold purchases. GYEN’s “Gold Financed in Yen” 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 Japanese yen yield curve to determine the most cost effective maturity at which to borrow Japanese yen 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 than 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 - GYEN utilizes the Japanese yen 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), GYEN 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. GYEN allows for a simple, cost effective way for investors to obtain a similar investment idea of gold priced in yen.
  3. Liquidity and Transparency - GYEN trades on the NYSE Arca Exchange, and can be easily bought and sold throughout the trading day. GYEN’s holdings are available daily on the advisorshares.com website.
  4. Tax Efficiency - GYEN 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

Dennis Rhee, Managing Partner and Portfolio Manager
Mr. Rhee is Co-Founder and a Managing Partner of Treesdale Partners, LLC, where he sits on the executive investment committee of the multi-manager and direct investment funds. He has over twenty years of Wall Street experience in roles ranging from management, fixed income sales and trading, derivatives structuring, portfolio and risk management, and the design of bond trading systems. After graduate school, Mr. Rhee joined Goldman, Sachs & Co. in New York as a fixed income derivatives specialist. At Goldman, Mr. Rhee structured and sold complex derivative products to major U.S. buy side institutions, including hedge funds. Mr. Rhee also served as Head of Goldman’s Korea Fixed Income business. After leaving Goldman, Mr. Rhee and an ex-Goldman colleague created Asia’s first hedge fund that invested in Relative Value Fixed Income strategies. Most recently, Mr. Rhee served as head of Mortgage Backed Securities trading at Pedestal, the electronic trading startup sponsored by Reuters and Deutsche Bank. Prior to this, Mr. Rhee worked at Deutsche Bank in MBS-TBA trading and its electronic trading efforts. Mr. Rhee received his M.B.A. in Finance from the University of Chicago’s Graduate School of Business and a B.A. in Government from Cornell University’s College of Arts and Sciences.

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Manager Minutes, December 2014

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Price History

As of: 12/21/2014
NAV$13.74Closing Price$13.72
Change$0.09Change
Shares Outstanding575,000Volume16,414
4PM Bid/Offer Midpoint$13.72Premium/Discount$-0.02
Assets Under Management$7,899,489.88
Premium/Discount Historical Data

 

Top Holdings

GYEN Exposure (Based on Net Market Value)

Name Weight
CASH 100%
GOLD Futures -0.31%
JPN YEN Currency Futures 1.24%

GYEN Exposure (Based on Notional Market Value)

Name Weight
GOLD Futures 99.93%
JPN YEN Currency Futures -99.37%

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

    GYEN

  • Exchange

    NYSE Arca

  • Inception Date

    02/11/2014

  • CUSIP

    00768Y685

  • Indicative Value

    GYEN.IV

  • Options

    No

Fees & Expenses

  • Management Fee

    0.55%

  • Other Expenses

    4.19%

  • Acquired Fund Fees

    0.15%

  • Gross Expense Ratio

    4.89%

  • Fee Waiver and/or Expense Reimbursement

    4.09%

  • Net Expense Ratio

    0.80%*

  • *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.