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(MULT) Sunrise Global Multi-Strategy ETF

Overview

How MULT Works

The AdvisorShares Sunrise Global Multi-Strategy ETF (NASDAQ: MULT) seeks to provide long-term total returns by investing long and short in a variety of asset classes and investment strategies. MULT is managed by Sunrise Capital Partners (“Portfolio Manager”), an asset management firm with over three decades of experience in the alternative investment arena. The Portfolio Manager seeks to achieve MULT’s objective by tactically investing, both long and short, in global equity, bond, currency and commodity markets as opportunities arise within those markets.

The Portfolio Manager takes a highly disciplined, non-emotional systematic investment approach, focusing on price trends and other reoccurring anomalous patterns with global markets. This approach emphasizes multi-faceted diversification over all else and looks to expose investors to a wide range of investment sectors, markets, and geographies via multiple investment techniques and across multiple investment time frames. The Portfolio Manager’s investment approach is designed to be agnostic to the economic environment to ensure that MULT can potentially achieve positive returns even in crisis environments.

Fund Documents

Portfolio Manager Commentaries

MULT 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.
07/11/2014 - Haskin, Brian. "AdvisorShares Introduces New Systematic Multi-Strategy ETF." http://dailyalts.com/advisorshares-introduces-new-systematic-multi-strategy-etf/
07/09/2014 - Schlegel, Jeff. "AdvisorShares Launches Multi-Model, Multi-Strategy ETF." http://www.fa-mag.com/news/advisorshares-launches-multi-model--multi-strategy-etf-18554.html?section=43
07/09/2014 -

Lydon, Tom. "AdvisorShares Launches New Multi-Strategy ETF." etftrends.com.

07/07/2014 - Smith, Matt. "Sunrise ETF debuts on Nasdaq." http://www.ctaintelligence.com/sunrise-etf-debuts-on-nasdaq/

Performance -Month-End

MULT Performance History (%) as of 09/30/2014
 NAVMarket Price ReturnBarclayHedge BTOP 50 Index
1 Month-2.26-2.221.80%
Since Inception
(07/08/2014)
-1.36-1.284.69%

Performance -Quarter-End

MULT Performance History (%) as of 09/30/2014
 NAVMarket Price ReturnBarclayHedge BTOP 50 Index
1 Month-2.26-2.221.80%
Since Inception
(07/08/2014)
-1.36-1.284.69%

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 BTOP50 Index seeks to replicate the overall composition of the managed futures industry with regard to trading style and overall market exposure. The BTOP50 employs a top-down approach in selecting its constituents. The largest investable trading advisor programs, as measured by assets under management, are selected for inclusion in the BTOP50. In each calendar year the selected trading advisors represent, in aggregate, no less than 50% of the investable assets of the Barclay CTA Universe. One cannot invest directly in an index.

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Why Invest in MULT?

  • Active Management Strategy - The Portfolio Manager employs a highly active management strategy, concentrating on the global market opportunities they feel offer the highest likelihood of success. With this strategy, Sunrise can invest both long and short in additional to tactically moving from sector to sector, market to market, and geography to geography as price trends and other patterns manifest themselves.
  • Intelligent Risk Management - As opportunities dissipate, MULT will systematically roll into U.S. Treasuries in an effort to seek to mitigate the loss of investor capital. As a result, many of the Portfolio Manager’s investment models will be out of the market nearly as often as they are in the market. By following this risk management approach, the Portfolio Manager seeks to reduce risk and maximize investor returns regardless of the market environment.
  • For Diversification - The Portfolio Manager views the diversification potential offered by today’s global markets as the single greatest determinant of an investor’s ability to achieve compelling, long-term risk-adjusted returns. As a result, the Portfolio Manager’s investment approach explores over 50 global markets, invests within multiple asset classes, and employs a wide range of investment techniques over multiple time frames. In doing so, they seek to improve an investor’s chance of success and reduce an investor’s downside volatility.
  • Investment Process Forged By Experience - The Portfolio Manager’s investment ideas and research are generated by a robust internal process that began in 1980. With over three decades of experience applying its investment approaches to global markets, they have weathered both the best and worst of times and understand what it takes to construct strategies that will stand the test of time by providing investors with competitive, risk-adjusted returns.

Where can MULT Fit in a Traditional Portfolio?

MULT may serve as the anchor for the alternative investment portion of a diversified investment portfolio. MULT has the flexibility to trade in an out of many markets long or short and its targeting of absolute returns instead of relative returns leads to its objective of having a low and occasionally negative correlation to the more traditional equity and fixed income asset classes.

The Portfolio Manager’s management of MULT is very tactical, overseeing not just multiple strategies but also multiple asset classes, markets and time horizons within those strategies, asset classes and markets.

Historically the better performing asset class rotate from year to year (it’s rare that last year’s best performer will be this year’s best performer) and MULT‘s go-anywhere-flexibility offers the opportunity to capture this year’s better performing asset classes and then rotate into next year’s best performing asset classes all in one fund.

5 Key Attributes

  1. To Seek Capital Appreciation - The Portfolio Manager’s dynamic investment process seeks to maintain a portfolio that can generate positive returns on capital over the long term, regardless of the economic environment at hand.
  2. Seek to Mitigate Portfolio Risk - The Portfolio Manager’s ability to invest both long and short and to tactically move portions of its portfolio into cash when opportunities dissipate allows it to not only potentially dampen downside volatility but in some instances, achieve positive returns in crisis environments.
  3. Multi-Faceted Diversification - By investing across multiple asset classes and multiple markets using multiple investment techniques across multiple time frames, the Portfolio Manager layers significant levels of diversification within its investment process in order to seek the best possible risk-adjusted returns for investors and provide them with exposure to potential opportunities.
  4. Investment Discipline - The Portfolio Manager believes that one of the greatest threats to good investment decisions is human emotion and thus employs rules-driven, purely systematic investment approaches that invest and divest based on pre-set signals focused on price, volatility, and other market data.
  5. Expertise - The Portfolio Manager has worked to generate investor wealth with its diverse array of alternative investment techniques since 1980 and over three decades after inception, it remains on the competitive edge of the alternative investment industry.

About the Portfolio Managers

Chris Stanton, Chief Investment Officer
Mr. Stanton, a Partner in Sunrise, joined the firm in 2012 and in addition to his investment duties, is also a member of Sunrise’s Management Committee. Prior to joining Sunrise, Stanton traded extensively in a wide range of global commodity and currency markets as Vice President and Portfolio Manager for Deerhurst Capital Management and as Capital Markets Officer for JP Morgan. In those roles, Stanton managed multi-million dollar portfolios and conducted all market and fundamental risk analysis for those portfolios. In addition, he provided broad finance-related legal and risk management services while working as an attorney with two prestigious global law firms, Quinn, Emannuel, Urquhart & Sullivan LLP and Cravath, Swaine & Moore LLP in New York City. Stanton holds a J.D. cum laude from Northwestern University and a Bachelor of Science in Engineering from Lehigh University.

Rick Slaughter, Chief Research Officer
Mr. Slaughter is a pioneer of the alternative investment industry and a Founding Partner of Sunrise who in addition to his research and investment activities is also a member of Sunrise’s Management Committee. Acting on a life-long passion for trading global markets, Slaughter launched his first alternative investment fund while completing his B.S. in Finance at San Diego State University in 1974. After graduate work in finance at San Diego State and Systems Management at the University of Southern California, Slaughter launched Commodity Monitors, Inc. (“CMI”) in 1977, one of the earliest alternative asset management firms in the investment industry. After more than 15 years of success, Slaughter merged CMI into Sunrise in 1995. Since joining Sunrise, Slaughter has spearheaded a multitude of investment innovations and continues to help drive the firm’s research and development activities.

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Fund Basics

  • Symbol

    MULT

  • Exchange

    NASDAQ

  • Inception Date

    07.08.2014

  • CUSIP

    00768Y636

  • Indicative Value

    MULT.IV

  • Options

    No

Manager Minutes, October 2014

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Price History

As of: 10/29/2014
NAV$23.52Closing Price$23.40
Change$-0.18Change
Shares Outstanding100,000Volume
4PM Bid/Offer Midpoint$23.61Premium/Discount$0.09
Assets Under Management$2,351,599.29
Premium/Discount Historical Data

 

Top Long Holdings

As of: 10/29/2014
Ticker Name Weight
XLP CONSUMER STAPLES SPDR 23.73%
XLK TECHNOLOGY SELECT SECT SPDR 14.39%

Top Short Holdings

As of: 10/29/2014
Ticker Name Weight
--- JAPANESE YEN -1.41%
--- HONG KONG DOLLAR -0.73%
--- HANG SENG IDX FUT NOV14 -0.44%
--- US 10YR NOTE (CBT)DEC14 -0.13%
--- US 5YR NOTE (CBT) DEC14 -0.12%
--- US LONG BOND(CBT) DEC14 -0.07%
--- EURO -0.06%
--- LONG GILT FUTURE DEC14 -0.05%
--- GREAT BRITISH POUND -0.01%

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

    1.50%

  • Other Expenses

    0.83%

  • Acquired Fund Fees

    0.14%

  • Gross Expense Ratio

    2.47%

  • Fee Waiver and/or Expense Reimbursement

    0.58%

  • Net Expense Ratio

    1.89%*

  • *The Advisor has contractually agreed to keep net expenses from exceeding 1.75% 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 Short Interest Expenses."