SMHBETRACS 2xMonthly Pay Leveraged U.S. Small Cap High Dividend ETN Series B
SMHB Fund Description
SMHB tracks twice the monthly returns of a dividends-selected, liquidity-weighted index of US small-cap equities.
SMHB Factset Analytics Insight
SMHB is a leveraged take on dividend-paying US small-caps. The ETN’s underlying index selects from the 2000 smallest companies on the list of the 3000 largest US stocks. From this pool, 100 small-caps with the highest estimated 12-month forward dividend yield are selected. Holdings are weighted by 3-month average daily dollar volume, with a single security cap of 5%. SMHB applies a 2x leverage factor to this index, reset monthly. This infrequent reset period makes the note suitable for longer holdings periods than a daily-reset product, though investors will still feel the effects of compounding over time. The note pays a monthly coupon equal to twice the yield of the underlying index. SMHB is a replacement (“Series B”) for sibling SMHD, which was still trading but closed for creations as of the note’s launch. Among several minor differences, SMHB includes a feature where the note’s leverage will reset if the underlying index falls by 20% from the previous month, including intraday.
SMHB Portfolio Data
SMHB Index Data
SMHB Fund Structure
SMHB Tax Exposures
SMHB Factset Analytics Block Liquidity
This measurement shows how easy it is to trade a $1 million USD block of SMHB. SMHB is rated a N/A out of 5.