(MAUI) Market Adaptive Unconstrained Income ETF


How MAUI Works

The AdvisorShares Market Adaptive Unconstrained Income ETF (NASDAQ: MAUI) seeks to provide long-term total return and income with a secondary emphasis on capital preservation. MAUI is managed by American Wealth Management (“Portfolio Manager”). MAUI is a non-traditional bond strategy and is designed to be different from most fixed income funds. It tactically allocates to various, global regions, income categories, credit qualities, and durations, and when the environment calls for it, will get defensive and move to ultra-short-term fixed income.

Fund Documents

Portfolio Manager Commentaries

MAUI 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.

Performance -Month-End

MAUI Performance History (%) as of 10/31/2015
 NAVMarket Price ReturnBarclays Capital Aggregate Bond Index
1 Month1.712.090.02
3 Months-4.36-4.590.55
1 Year-1.230.661.96
Since Inception
(07/08/2014, Annualized)

Performance -Quarter-End

MAUI Performance History (%) as of 09/30/2015
 NAVMarket Price ReturnBarclays Capital Aggregate Bond Index
1 Month-1.58-2.180.68
3 Months-3.89-4.441.23
1 Year-5.07-5.722.94
Since Inception
(07/08/2014, Annualized)

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 11/01/15 is for the AdvisorShares Sunrise Global Multi-Strategy ETF (the "Predecessor Fund") which was renamed the AdvisorShares Market Adaptive Unconstrained Income ETF on 11/01/15. The Predecessor Fund had different portfolio managers and investment strategy than the AdvisorShares Market Adaptive Unconstrained Income ETF. Performance prior to 11/01/15 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 11/01/15 reflects actual AdvisorShares Market Adaptive Unconstrained Income ETF performance.

The Barclays Capital Aggregate Bond Index measures the performance of the U.S. investment grade bond market. One cannot invest directly in an index.

Fund Distributions

Ex-DateRecord DatePay DateCash DivST Cap GainLT Cap GainReturn of CapitalTotal Distribution
$0.453$0.00$0.00$0.00$0.453/per share

Why Invest in MAUI?

  • For Income Market Diversification - MAUI provides for income market diversification that goes beyond indexing; bond market indexes tend to be overweight US treasuries which usually have lower yields than other bond market sectors.
  • For Portfolio Protection - MAUI emphasizes portfolio protection in the face of adverse market conditions; bond markets have benefited from an unrepeatable 30+ year bull market- when interest rates rise, bond funds that are not able to implement a defensive strategy are at risk of steep declines.
  • For a Bond Ladder Alternative - Buying a treasury ladder or a bond index may no longer safel y provide adequate income for investors; yields have been well below historical averages for many years, and “standby’ strategies like bond ladders expose investors to meager portfolio income as well as interest rate risk.

Where can MAUI Fit in a Traditional Portfolio?

As a broadly and globally diversified bond fund MAUI could serve as a core holding for the income portion of a portfolio.

MAUI could also be used as a complement to a bond index fund. MAUI’s broader exposure means there will be very little overlap with index funds.

5 Key Attributes

  1. Adapts to the Changing Fixed Income Market - MAUI uses a quantitative methodology to tactically allocate to a broad list of income categories, and when the environment calls for it, get defensive by moving to ultra-short-term fixed income. Investors have relied on the fixed income market to reduce their portfolio’s volatility. However, with the potential for higher interest rates in the future, some investors today are torn between interest rate risk and stock market risk. MAUI seeks to provide a fixed income solution for investors by reducing negative portfolio volatility while still being allocated to bonds.
  2. Trend and Momentum-Based - MAUI uses two well researched strategies, momentum and trend to identify opportunities in the fixed income market as well as determine when to be invested. The result is capturing emerging trends while reducing negative volatility.
  3. Seek to Mitigate Portfolio Risk - MAUI can provide a defensive opportunity should interest rates rise that is not available from indexed bond funds. It has the flexibility to be fully invested during favorable market conditions as well as take a defensive position as dictated by market conditions which can reduce volatility.
  4. Equally Weights Up to 5 Areas of the Fixed Income Market - MAUI will generally equally weight up to five sectors of the bond market that meets its investment criteria and will not overweight more than approximately one third of the portfolio into a given sector.
  5. Broad Asset Exposure - MAUI can allocate to non-traditional income sectors to potentially enhance yield while reducing correlation to traditional bond sectors; broader income market diversification offers more opportunities for accessing portfolio yield.

About the Portfolio Manager

Laif Meidell, CMT, President

Mr. Meidell is a Portfolio Manager of American Wealth Management’s separate accounts. Prior to joining American Wealth Management in 1995, Mr. Meidell was an active duty officer in the U.S. Army. He graduated with Honors from the Regis University (Denver, CO) with an MBA in Finance and Accounting in 1993. Mr. Meidell received his B.S. in Finance from Brigham Young University (Provo, UT) in 1989. He holds the Series 7, 63, and 65 licenses. He is a Chartered Market Technician (CMT) and an Accredited Investment Fiduciary (AIF).


Manager Minutes, November 2015

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Price History

As of: 11/26/2015
NAV$23.15Closing Price$23.20
Shares Outstanding25,000Volume21,261
4PM Bid/Offer MidpointPremium/Discount
Assets Under Management$578,695.18
Premium/Discount Historical Data


Top Holdings

As of: 11/26/2015
Ticker Name Weight

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

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  • *The Advisor has contractually agreed to keep net expenses from exceeding 0.99% of the Fund’s 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. This agreement is limited to the Fund’s direct operating expenses and, therefore, does not apply to “Acquired Fund Fees and Expenses."