ETRACS 2x Leveraged ETN Snapshot, March 2018



  • MORL/MRRL are the highest-yielding 2x ETNs, followed by BDCL/LBDC.
  • 3-month LIBOR jumped up by 28 bps this month, pushing expense ratios significantly higher.
  • SDYL has the lowest expense ratio (excluding LIBOR) of 0.70%, and its adjusted TER comes out to 1.38%.

For the inaugural edition of the ETRACS 2x Leveraged ETN Snapshot, please see here. Data are taken from the close of March 7, 2018. Previous articles on the Snapshot can be searched using the keyword "ciletn".

Fund additions, closures, or notable adjustments

No new ETRACS 2x fund additions or closures.

The funds

The following table shows the ETNs in the ETRACS 2x leveraged line-up, with the fund name, ticker inception date, assets under management, average volume, yield, expense ratio excluding 3-month LIBOR, adjusted total expense ratio including LIBOR, and the corresponding 1x fund (where available). Yield and expense ratio statistics are discussed further in their separate sections below.

Fund Ticker Inception Assets / m Volume / k Yield TER Adjusted TER 1x fund
Monthly Reset 2xLeveraged S&P 500 Total Return ETN (SPLX) 3/2014 5.6 1.3 0.00% 1.25% 1.65% (SPY)
Monthly Pay 2xLeveraged S&P Dividend ETN (SDYL) 5/2012 15.4 2.0 5.06% 0.70% 1.38% (SDY)
Monthly Pay 2xLeveraged Dow Jones Select Dividend Index ETN (DVYL) 5/2012 40.1 4.2 6.75% 0.75% 1.40% (DVY)
Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN (HDLV) 9/2014 16.5 5.4 12.16% 1.45% 1.75%
Monthly Pay 2xLeveraged US Small Cap High Dividend ETN (SMHD) 3/2015 42.1 34.4 23.26% 1.65% 1.85%
Monthly Reset 2xLeveraged ISE Exclusively Homebuilders ETN (HOML) 3/2015 5.0 1.7 0.00% 1.65% 1.85%
Alternative equity
Monthly Pay 2xLeveraged Wells Fargo MLP Ex-Energy ETN (LMLP) 6/2014 27.2 14.1 11.41% 1.45% 1.75%
Monthly Pay 2xLeveraged MSCI US REIT Index ETN (LRET) 5/2015 4.2 2.9 10.68% 1.65% 1.85% (VNQ)
Monthly Pay 2xLeveraged Mortgage REIT ETN (MORL) 10/2012 380.7 285.2 25.15% 0.80% 1.43% (MORT)
Monthly Pay 2xLeveraged Mortgage REIT ETN Series B (MRRL) 10/2015 9.4 8.9 25.15% 0.80% 1.43% (MORT)
2xMonthly Leveraged Alerian MLP Infrastructure Index ETN
3-Month LIBOR based on US Dollar data by YCharts

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