AdvisorShares plans to launch a new actively managed “ETF of ETFs” that will pair long and short positions in different ETFs in an attempt to deliver solid, noncorrelated returns.

According to a new prospectus that hit the Securities and Exchange Commission this week, AdvisorShares hopes to launch the new HTE Global Relative Value ETF on the New York Stock Exchange under the ticker GRV. There is no word yet on when the fund will launch or how much it will charge in fees.

The new fund will be managed by HTE Asset Management LLC, a small wealth management firm based in Colorado Springs, Colo. According to the company’s Web site, HTE provides “highly customized asset management and advisory services for affluent individuals, families and private foundations.”

For the new ETF, HTE will pair long positions in ETFs covering what it considers “the most relatively attractive global regions and countries within those regions” with short positions in the least attractive areas. Typically, these positions will be balanced, or market neutral, isolating the impact of market direction from returns. From time to time, HTE may make up to a 50% net long or 50% net short bet on top of this market-neutral portfolio.

Market neutral is a popular hedge fund strategy that has been embraced by a small number of traditional actively managed mutual funds. Market-neutral funds like the TFS Market Neutral Fund (Ticker: TFSMX)—one of the most successful market-neutral mutual funds in existence—typically shoot for solid returns with low correlations to the broader market. Over the last five years, TFSMX has delivered 9.3 percent annualized returns with negligible correlation to the market and well-below-market risk.

GRV could be attractive for investors searching out noncorrelated returns. Investors, however, will likely want to wait until the fund has a proven track record of success before investing.

The prospectus is available here.