ETRACS 2x Leveraged US Size Factor TR ETN (IWML)
ETRACS 2x Leveraged US Size Factor TR ETN operates in the Asset Management - Leveraged industry of the Financial Services sector, headquartered in New York, NY, US. The stock last traded at $33.55, up 0.10% on the session, giving a market capitalisation of $9.7M. Its beta of 2.57 implies it has historically moved more than the broad market.
IWML is a leveraged exchange-traded note (ETN) designed to deliver twice the daily performance of the Russell 2000 index. Given its geared structure, it is inappropriate for long-term holding and should instead be utilized as a short-term tactical trading instrument. The underlying Russell 2000 benchmark primarily tracks small-capitalization companies, but its composition also extends to include mid-cap and a significant number of micro-cap firms, collectively representing approximately 10% of the total market value. A critical characteristic is that its 2x leverage resets daily, meaning it targets two times the daily return of the index, not cumulative returns over extended periods. Additionally, the ETN's leverage target is rebalanced on a quarterly schedule. As an exchange-traded note, investors are exposed to the credit risk of its issuer, UBS. The underlying index itself undergoes an annual reconstitution process.
ETRACS 2x Leveraged US Size Factor TR ETN is most often compared with the following Financial Services names: