AdvisorShares, the Bethesda, Md.-based firm focused exclusively on active ETF strategies, is changing the name of its AdvisorShares Active Bear ETF (NYSEArca: HDGE) on Oct. 29 to align with the firm’s practice of including the names of subadvisors in the names of its funds.
The $344 million fund, AdvisorShares’ biggest in terms of assets, will now be called the AdvisorShares Ranger Equity Bear ETF. It will retain its ticker “HDGE,” and its manager, John Del Vecchio, who works for Dallas-based Ranger Alternative Management LP, will still be picking stocks to short-sell for the fund.
AdvisorShares also appears to be clearing the decks to avoid any confusion regarding similar funds it may roll out in the not-too-distant future. Specifically, the firm put an international bearish ETF into registration on Oct. 19 that will focus on shorting non-U.S. stocks. The proposed fund, tentatively called the AdvisorShares International Bear ETF, will trade under the symbol “HDGI,” the prospectus said.
AdvisorShares, the No. 24 U.S. ETF firm, has 16 active funds with combined assets of almost $700 million.