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.
今年黃金很火爆，礦商的熱度更高，這一情景為各種槓桿交易所交易產品帶來了更多曙光，這些產品為從地球上開採黃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).
怎麼了：換句話説，現在是交易員考慮與金條礦商採取一些新方法的好時機。雷克斯股份(Rex Shares)，該股背後的發行人微剖面體陣容對於槓桿交易所交易票據，這些交易員是否被一對新的交易所交易票據(ETN)覆蓋。
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.
該指數一半分配給大盤股GDX，另一半分配給小盤股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.
每個ETN在考慮費用之前，根據S-Network MicroSectors™黃金礦商指數每日複合基礎上的變化為投資者提供回報。每個ETN都有一個特定的槓桿率，每天都會重新設置。“根據MicroSectors的説法。
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.
下一步是什麼？：顯然，作為槓桿產品，GDXU和看跌的GDXD預計將大舉出擊，但這些產品肯定會出現這種情況，因為在非槓桿的基礎上，礦商通常是不穩定的押注。
GDX has a three-year standard deviation of 33.23%, well above that of broader equity benchmarks and standard industry funds.
GDX的三年期標準差為33.23%，遠高於更廣泛的股票基準和標準行業基金。
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.
小盤股GDXJ的三年標準差為38.68%，使其波動性遠遠超過任何傳統的小盤股基準，並證實了當礦商複雜的行動升温時，MicroSectors ETN可能會蓬勃發展。
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.
隨着GDXU和GDXD的首次亮相，MicroSectors提供了超過21個ETN，涵蓋了FANG股票、大銀行、能源行業，以及第一批在美國上市的槓桿大麻產品。