AdvisorShares, the fund sponsor provider known for its actively managed ETFs, today launched a global equities fund-of-funds ETF that uses a country-rotation strategy, its second collaboration with Accuvest Global Advisors.

The AdvisorShares Accuvest Global Opportunities ETF (NYSEArca: ACCU) comes with a hefty price tag of 1.78 percent, but the fund is the first to offer an actively managed country-focused play on the global equities space via single-country ETFs. ACCU “seeks to generate alpha above all global benchmarks,” such as the MSCI AC World Index, Bethesda, Md.-based AdvisorShares said on its website.

The fund is AdvisorShares’ second collaboration with Walnut Creek, Calif.-based Accuvest, which is known for its asset allocation strategies that rely on nearly 30 single-country ETFs. In December, AdvisorShares enlisted Accuvest to make over its “GRV” fund, in the wake of disappointing performance and rebranded it as “AGLS.”

The new fund, ACCU, relies on a top-down country-ranking model that looks at 40 factors, ranging from valuation to risk to fundamentals and momentum in order to determine which markets may outperform other country equity markets at a given time. Its portfolio consists of ETFs that capture the top five or six most highly ranked countries, and the ranking is revisited on a monthly basis.

“In an environment where disciplined investors and advisors are searching extensively for alpha, we believe the turmoil in global markets is providing opportunity at a country level,” Accuvest’s President David Garff said in a press release.

“Our benchmark-agnostic approach of using the highest-ranked single-country ETFs aims to minimize risk during times of extended market moves in one direction or another, allowing ideal exposure to global equities within a broadly diversified portfolio,” Garff said.

AdvisorShares manages some $400 million in its 12 actively managed ETFs. Accuvest manages some $300 million in global portfolio assets. One of its more successful funds in terms of assets under management is the Cambria Global Tactical ETF (NYSEArca: GTAA). It has about $69 million in assets.