AdvisorShares Announces Sub-Advisor Change for Global Tactical ETF (GTAA)
BETHESDA, Md., June 5, 2014 /PRNewswire/ -- AdvisorShares, a leading sponsor of actively managed exchange-traded funds (ETFs), announced today plans to propose a sub-advisor change for the AdvisorShares Cambria Global Tactical ETF (NYSE Arca: GTAA) for the approval of the AdvisorShares Trust's Board of Trustees. Chapel Hill, North Carolina-based Morgan Creek Capital Management would serve as GTAA's new sub-advisor with its CEO Mark W. Yusko as portfolio manager. Pending the Board's approval, the sub-advisor change would then be subject to shareholder approval.
"After a diligent review and careful consideration, we have decided to propose a change of GTAA's sub-advisor," said Noah Hamman, CEO of AdvisorShares. "At the end of the day, our sole focus remains our shareholders' best interests and we firmly believe Morgan Creek with Mark Yusko as portfolio manager would serve GTAA very well. We would gladly welcome the institutional expertise and extensive university endowment experience that the Morgan Creek team could deliver in their global tactical asset allocation investment approach to our actively managed ETF suite. Furthermore, we thank Cambria's Meb Faber and Eric Richardson for their portfolio management and commitment to GTAA throughout our partnership."
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AdvisorShares is one of the leading providers of actively managed ETFs. As of June 2, 2014, AdvisorShares offers 24 active ETFs currently trading with over $1.85 billion of assets under management. AdvisorShares provides educational support to help financial advisors and investors understand the benefits of actively managed ETFs and their underlying investment strategies.
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Before investing you should carefully consider the Fund's investment objectives, risks, charges and expenses. This and other information is in the prospectus, a copy of which may be obtained by visiting the Fund's website at www.AdvisorShares.com. Please read the prospectus carefully before you invest.
An investment in the Fund is subject to risk, including the possible loss of principal amount invested. The Fund is subject to the underlying ETFs and ETP risk that comprise this "fund of funds" and is subject to greater volatility due to commodity risk, a decline in the credit quality of the portfolio, increased risk of price volatility associated with emerging markets, and negative impact due to currency exchange rate fluctuations. Other Fund risks include market risk, equity risk, ETN risk, closed end fund risk, asset allocation risk, early closing risk, short sales and leverage risk, liquidity risk, trading risk, and turnover risk. This Fund may not be suitable for all investors.
Shares are bought and sold at market price not net asset value (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.
Press Contact: Ryan Graham