New ETNs Bring Leverage, Spice To Gold Miners
New ETNs Bring Leverage, Spice To Gold Miners
Gold is hot this year and the miners are even hotter, a scenario bringing more light to the various leveraged exchange traded products that provide access to the companies extracting gold from the earth.
今年黄金很火爆，矿商的热度更高，这一情景为各种杠杆交易所交易产品带来了更多曙光，这些产品为从地球上开采黄金的公司提供了通道。
What Happened: In other words, it's a good time for traders to consider some fresh approaches to bullion miners. REX Shares, the issuer behind the MicroSectors lineup of leveraged exchange traded notes, has those traders covered with a pair of new exchange traded notes (ETNs).
怎么了：换句话说，现在是交易员考虑与金条矿商采取一些新方法的好时机。雷克斯股份(Rex Shares)，该股背后的发行人微剖面体阵容对于杠杆交易所交易票据，这些交易员是否被一对新的交易所交易票据(ETN)覆盖。
The MicroSectors Gold Miners Leveraged 3X ETN (NYSE:GDXU) and the MicroSectors Gold Miners -3X Inverse Leveraged ETN (NYSE:GDXD) launch Thursday, joining well-known products, such as the MicroSectors™ FANG+™ Index 3X Leveraged ETN (NYSE:FNGU) and the MicroSectors™ FANG+™ ETN (NYSE:FNGS) in the MicroSectors stable.
Why It's Important: GDXU and GDXD, the new geared gold ETNs, bring a unique approach. The products track the S-Network MicroSectors™ Gold Miners Index. That benchmark is a combination of the VanEck Vectors Gold Miners ETF (NYSE:GDX) and the VanEck Vectors Junior Gold Miners ETF (NYSE:GDXJ), the two largest non-leveraged bullion miners ETFs by assets.
The index is half allocated to the large-cap GDX and half allocated to the small-cap GDXJ.
该指数一半分配给大盘股GDX，另一半分配给小盘股GDXJ。
“Each ETN offers investors a return based on changes in the level of the S-Network MicroSectors™ Gold Miners Index on a daily compounded basis, before taking into account fees. Each ETN has a specified leverage factor that is reset daily,” according to MicroSectors.
每个ETN在考虑费用之前，根据S-Network MicroSectors™黄金矿商指数每日复合基础上的变化为投资者提供回报。每个ETN都有一个特定的杠杆率，每天都会重新设置。“根据MicroSectors的说法。
What's Next: Obviously, as leveraged products, GDXU and the bearish GDXD are expected to pack a punch, but that's certainly the case with these products because, on an unleveraged basis, miners are typically volatile bets.
下一步是什么？：显然，作为杠杆产品，GDXU和看跌的GDXD预计将大举出击，但这些产品肯定会出现这种情况，因为在非杠杆的基础上，矿商通常是不稳定的押注。
GDX has a three-year standard deviation of 33.23%, well above that of broader equity benchmarks and standard industry funds.
GDX的三年期标准差为33.23%，远高于更广泛的股票基准和标准行业基金。
The small-cap GDXJ has a three-year standard deviation of 38.68%, making it far more volatile than any traditional small-cap benchmark and confirming the MicroSectors ETNs could thrive when action heats up in the miners complex.
小盘股GDXJ的三年标准差为38.68%，使其波动性远远超过任何传统的小盘股基准，并证实了当矿商复杂的行动升温时，MicroSectors ETN可能会蓬勃发展。
With the debuts of GDXU and GDXD, MicroSectors offers over 21 ETNs, spanning FANG stocks, big banks, the energy sector, and the first leveraged cannabis products to list in the U.S.
随着GDXU和GDXD的首次亮相，MicroSectors提供了超过21个ETN，涵盖了FANG股票、大银行、能源行业，以及第一批在美国上市的杠杆大麻产品。