Morgan Creek Capital Management CEO & CIO Mark Yusko will serve as portfolio manager of ETF
BETHESDA, Md., April 27, 2022 /PRNewswire/ — AdvisorShares, a leading sponsor of actively managed ETFs, today announced that the AdvisorShares Managed Bitcoin Strategy ETF (Ticker: CRYP) will begin trading on April 27th. CRYP is sub-advised by Morgan Creek Capital Management, LLC “Morgan Creek.” Mark W. Yusko, CEO and CIO of Morgan Creek, will serve as the portfolio manager of CRYP.
The AdvisorShares Managed Bitcoin Strategy ETF (NYSE Arca: CRYP) seeks long-term capital appreciation through actively managed exposure to bitcoin futures. CRYP achieves this exposure by investing in U.S. bitcoin-related ETFs and may invest in U.S. exchange-traded bitcoin futures contracts. CRYP seeks to actively manage risk with its investment exposure based on expectations for the value of bitcoin. CRYP can tactically reduce or increase the portfolio’s bitcoin exposure from anywhere from zero to fully invested. For example, CRYP can be fully invested when the manager’s indicators suggest a future rise in bitcoin’s price. Conversely, its bitcoin futures exposure can be reduced, and moved to short duration fixed income instruments, when the manager’s indicators suggest a future decline in price.
“We believe steadfastly that blockchain technology and digital assets present a generational opportunity for investors,” said Mr. Yusko. “We feel that digital asset seasonality is a good thing for investors, and while volatility can surface, CRYP provides a risk-managed offering that seeks both to capture upside return and provide a smoother investment ride. We’re excited about this ETF and how investors can use it as a diversification tool for their digital asset exposure.”
“We’re thrilled to partner with Mark Yusko and the Morgan Creek team and leverage their experience when introducing CRYP to the ETF marketplace,” added Noah Hamman, CEO of AdvisorShares. “Mark has been at the forefront of innovation, and particularly in the digital asset space. We believe CRYP provides a risk-managed offering that differentiates it from other offerings in the ETF space.”
For more information on CRYP, visit: advisorshares.com/etfs/cryp
AdvisorShares remains committed to providing ongoing investment education for its ETF shareholders, prospective investors and the investment community at large. AdvisorShares will host a live webinar featuring Mark Yusko to discuss the CRYP ETF and his views across the digital asset market and macro landscapes. You may learn more and register at the AdvisorShares Event Center
AdvisorShares is a leading provider of active ETFs. For financial professionals and investors requesting more information, call 1-877-843-3831 or visit advisorshares.com. Follow @AdvisorShares on Twitter and on Facebook for more insights.
About Morgan Creek
Morgan Creek Capital Management, LLC is an asset manager founded by Mark W. Yusko, the former CIO of the University of North Carolina Endowment. The firm has decades of investment experience and relationships around the globe, and is a thematic investor focusing on important secular macro trends such as innovative technology, the wealth transfer to developing markets, next generation consumers, as well as demographics and new models in healthcare delivery.
A futures contract is an agreement traded on an organized exchange to buy or sell assets, especially commodities or shares, at a fixed price but to be delivered and paid for later.
Liquidity refers to the ease with which an asset, or security, can be converted into ready cash without affecting its market price.
Diversification does not guarantee a portfolio will be protected against loss.
Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses of AdvisorShares Managed Bitcoin Strategy ETF (the “Fund” or the “ETF”). 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. Foreside Fund Services, LLC, distributor.
There is no guarantee the Fund will achieve its investment objective. This ETF may not be suitable for all investors.
Bitcoin is a relatively new asset with a limited history. It is subject to unique and substantial risks, and historically has been a highly speculative asset and has experienced significant price volatility. While the Fund will not invest directly in bitcoin, the value of the Fund’s investments in Bitcoin Futures and Bitcoin ETFs is subject to fluctuations in the value of the bitcoin, which may be highly volatile. Investors may lose their entire principal.
When models and data prove to be incorrect or incomplete, any decisions made in reliance thereon expose the Fund to potential risks. In addition, the use of predictive models has inherent risk. Because predictive models are usually constructed based on historical data supplied by third parties, the success of relying on such models may depend heavily on the accuracy and reliability of the supplied historical data.
Through its investments in Bitcoin ETFs, the Fund is subject to the risks associated with their investments and structure as ETFs. The price and performance of bitcoin futures should be expected to differ from the current “spot” price of bitcoin. These differences could be significant. Bitcoin futures are subject to margin requirements, collateral requirements and other limits that may prevent the ETF from achieving its objective. Margin requirements for futures and costs associated with rolling (buying and selling) futures may have a negative impact on the Fund’s performance and its ability to achieve its investment objective.
Bitcoin is largely unregulated, and bitcoin investments may be more susceptible to fraud and manipulation than more regulated investments.
As futures contracts approach expiration, they may be replaced by similar contracts that have a later expiration. This process is referred to as “rolling.” If the price of a long-term futures contract is greater than the short-term futures contract price, the market is considered to be in “contango.” If the price of a long-term futures contract is less than the short-term futures contract price, the market is considered to be in “backwardation.”
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.