UBS ETRACS Fisher-Gartman Risk On ETNNYSEARCA
May 1, 2014, 1:09 PM
- The Etracs Fisher-Gartman Risk Off ETF (OFF) and the Etracs Fisher-Gartman Risk On ETF (ONN) will be called for redemption on May 9th after roughly 2.5 years of trading.
- OFF provides inverse exposure to an index of long positions in risk-on instruments and short positions in risk-off instruments; ONN tracks an index with 150% in long positions in securities that gain in a strong market and 50% in short positions expected to fall in a strong market.
- UBS gave no further details on the reason for redemption in the NYSE communique.
- Other long/short ETFs: ALFA, CSM, RALS, AGLS, CSLS
Mar. 10, 2014, 10:07 AM
- To those who remember the risk on/risk off days of 2011 when the entire universe of assets seemingly moved together based on the utterings of some politician here or across the pond, today is quite a different matter. The instances of days in which more than 90% of S&P 500 stocks move together have all but vanished late last year and this year.
- The 65-day average correlation of stocks fell to 0.52% in January vs. an average of 0.63% between 2009 and 2013 (it rose as high as 0.84% late in 2011).
- Investors have responded by moving money into so-called actively managed strategies, with those funds seeing inflows of $1.3B this year on top of $9.8B in 2013. It's a small amount, but contrasts with $360B pulled out of such funds between 2009-2012.
- Related ETFs: GURU, ALFA, CSM, QAI, ONN, OFF, BTAL, MCRO, CHEP, RALS, HDG, QEH, AGLS, CSLS, SIZ, QMN, CSMN