Accuvest approved as sub-advisor to Mars Hill Global Relative Value ETF

By Tali David

Minneapolis, Nov. 21 - AdvisorShares Investments, LLC announced that the AdvisorShares Trust board of trustees approved Accuvest Global Advisors as the new sub-adviser to the Mars Hill Global Relative Value ETF, effective Dec. 1.

Also effective December 1, the fund will change its name to the Accuvest Global Long Short ETF and its ticker symbol to AGLS. It was previously GRV.

"This change will bring an expert in global asset management to a product that has fallen short in performance relative to its peers ," said Noah Hamman, chief executive officer of AdvisorShares, in a news release. "After reviewing the performance with the current sub advisor, it was concluded that a change was in the best interest of shareholders."

Accuvest will manage the fund using its country-ranking-model methodology, which assesses countries on a broad range of fundamental factors. Accuvest will purchase the highest ranked countries and hedge the long portion of the fund's portfolio by short selling the lowest ranked countries.

AdvisorShares is a Bethesda, Md.-based investment adviser to actively managed exchange-traded funds. Accuvest is a Walnut Creek, Calif.-based investment adviser.

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