ETF Watch: Triple Exposure Oil ETNs Debut

UBS and ProShares partner on inverse/leveraged 3X oil ETNs.
Reviewed by: Staff
Edited by: Staff

Today UBS’ Etracs brand is rolling out a pair of ETNs in conjunction with ProShares that will help to fill the void left by the December delisting of the Credit Suisse-sponsored VelocityShares 3x Long Crude Oil ETN (UWTI) and VelocityShares 3x Inverse Crude Oil ETN (DWTI). The UBS Etracs - ProShares Daily 3x Inverse Crude ETN (WTID) and the UBS ETRACS - ProShares Daily 3x Long Crude ETN (WTIU) are both tied to the Bloomberg WTI Crude Oil Subindex ER.

WTIU comes with an annual tracking fee of 1.45%, while WTID charges 1.85%. Both ETNs are listed on the NYSE Arca exchange.

They are direct competitors with the Citigroup-backed VelocityShares 3X Long Crude Oil ETN (UWT) and the VelocityShares 3X Inverse Crude Oil ETN (DWT), clones of the original VelocityShares ETNs that launched the day the originals delisted. UWT and DWT both come with expense ratios of 1.50% and currently have combined assets under management of roughly $200 million.

UWTI and DWTI both came with expense ratios of 1.35%. 

Direxion Debuts 2 Sector Bear Funds

Today Direxion is rolling out two “bear” ETFs on the NYSE Arca that provide -100% exposure to indexes that also underlie members of the popular Select Sector SPDRs family of ETFs. The Direxion Daily Consumer Staples Bear 1X Shares (SPLZ) and the Direxion Daily Utilities Bear 1X Shares (UTLZ) each come with an expense ratio of 0.45%.

SPLZ is tied to the same index that underlies the Consumer Staples Select Sector SPDR (XLP), while UTLZ tracks the same index as the Utilities Select Sector SPDR (XLU). Early in 2016, Direxion filed for a suite of ETFs that provide inverse exposure to the indexes underlying eight of the nine original Select Sector SPDRs.

In April, the issuer rolled out the Direxion Daily Energy Bear 1X Shares (ERYY), Direxion Daily Financial Bear 1X Shares (FAZZ) and Direxion Daily Technology Bear 1X Shares (TECZ)

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