AdvisorShares, the Bethesda, Md.-based ETF sponsor known for its actively managed funds, filed regulatory paperwork with the Securities and Exchange Commission to bring to market a fund-of-funds equities ETF oriented toward protecting investors from big losses in a market downturn through the use of trend-following methodologies.

The new fund, the AdvisorShares Global Alpha & Beta ETF (NYSEArca: RRGR), will be diversified across 10 separate economic sectors, as well as different industries and countries.

It will tailor its risk based on the 200-day moving average of the S&P 500 Index and the bond market’s yield curve. If the S&P 500 moves below that 200-day moving average or if the yield curve becomes inverted, “the sub-advisor will maintain a defensive position in the fund’s portfolio,” the prospectus said.

While RRGR will be an equities-only fund and is international in scope, the trend-following strategy recalls the RBS US Large Cap Trendpilot Exchange Traded Note (NYSEArca: TRND), which flips to equities or short-term Treasurys exposure, based on whether the S&P 500 is above or below its 200-day moving average for at least five days. TRND has gathered more than $57 million since its launch in December 2010.

AdvisorShares said that in addition to the wide variety of investments that will make up the Global Alpha Beta ETF, five different factors will trigger how the fund rebalances, ranging from a change in risk tolerance to equity prices that have reached levels considered to be full valued.

However, the prospectus said the fund manager, Your Source Chief Investment Officer and Portfolio Manager Roger Nusbaum, will have discretion as to how he operates the fund. Your Source Financial can overweight sectors that it thinks will perform well and underweight others it believes will perform poorly.

On a day-to-day basis, the fund may hold money market instruments, cash, other cash equivalents and ETFs that invest in these and other highly liquid instruments, the filing said.

AdvisorShares didn’t specify what the fund’s annual expense ratio might be.