- What are the top holdings of USML?
- ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN holds 0 securities in total. The largest positions and their portfolio weights are listed on the Holdings tab.
- How many holdings does USML have?
- USML holds 0 positions as reported by the fund's most recent disclosure.
- What sectors does USML invest in?
- ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML) allocates across the sectors shown above. The largest exposure tops the list; the rest follow in descending weight order.
- What sector is USML most exposed to?
- USML's full sector breakdown is on the Sectors tab. The largest sector weight is shown there along with the rest of the allocation.
- Is USML a US-only fund?
- The country allocation card on this page shows USML's geographic exposure. Funds with > 95% US weight are effectively US-only; international or global funds will show meaningful weights across multiple countries.
- What does USML invest in?
- USML is engineered to provide twice the daily price fluctuations of the MSCI USA Minimum Volatility Index. This benchmark is derived by refining the broader MSCI USA Index, its primary reference, with the goal of assembling a portfolio that exhibits the lowest possible volatility, all while adhering to specified criteria. The method for achieving this optimization involves an estimated co-variance matrix, which is developed using the Barra multi-factor equity model. Rigorous rules govern the index's composition: individual components must account for a minimum of 0.5% and a maximum of 1.5% of the total index weight. Furthermore, sector allocations are tightly managed, ensuring they do not stray by more than 5% from their weighting within the parent index. Given its leveraged structure and quarterly rebalancing, USML is explicitly designed for short-term trading applications and is unsuitable as a long-term investment instrument. Consequently, the compounding effect can lead to substantial deviations between its long-term returns and those of the underlying index. Lastly, it is crucial to recognize that as an exchange-traded note (ETN), investors are subject to the credit risk of its issuer, UBS.
