SMHDETRACS Monthly Pay 2xLeveraged U.S. Small Cap High Dividend ETN
SMHD Fund Description
SMHD provide 2x leveraged exposure, reset monthly, to a liquidity-weighted index of 100 of the highest-yielding US small-cap companies.
SMHD Factset Analytics Insight
SMHD provides levered exposure to and index of US small-caps with the highest expected dividend yield in the coming 12 months, according to analyst estimates. Stocks that make the cut are weighted by average daily trading volume. The note applies a leverage factor of 2x to the gains and losses of the underlying index, and resets its leverage on a monthly basis. That makes the note suitable for long-term positions, though investors will still feel the effects of compounding over longer holding periods. Unlike most ETNs, SMHD pays a monthly coupon equal to twice the yield of its underlying basket. Expect high yield here, but also high risk from three factors: leverage, small-caps, and high yield. Big gains are possible, but so is a negative total return. SMHD is expensive to own, and middling liquidity further raises all-in costs.
SMHD CHARTS AND PERFORMANCE
SMHD Portfolio Data
SMHD Index Data
SMHD Fund Structure
SMHD Tax Exposures
SMHD Factset Analytics Block Liquidity
This measurement shows how easy it is to trade a $1 million USD block of SMHD. SMHD is rated a N/A out of 5.