- Last Ratings Update:07/31/2014
- Price as of 07/31/2014 :$32.22
- Net Assets:$2 Million
- Peer Rank:218 of 221
- Investment Rating:E-
We rate VelocityShares 3x Long Crude ETN at E-. This overall rating indicates it is among the top 10% of all closed end funds in its peer group. Negative factors that influence this rating include a short term portfolio management tenure. The fund may be considered for investors seeking a Global Equity strategy.
POSITIVES AND RISKS
New Fund off to poor start in the last year. The VelocityShares 3x Long Crude ETN has returned an annual rate of -17.19% since inception. More recently, the fund has generated a total return of -22.66% in the last year, 8.05% in the last six months, and -2.09% in the last three months. How does that compare to other equity funds? In the last year, it has outperformed 3% of them for the period ending 7/31/2014. On a year to date basis, UWTI has returned 2.37%.
Downside risk has been above average. UWTI has a draw down risk of -53.65%, which is the largest price decline experienced since the inception of the fund. This fund has a one year standard deviation of 46.3%. This fund has experienced excessive volatility in its monthly performance over the last 12 months. As of 7/31/2014, the fund was trading at a price of $32.22, which is 28.1% below its 52-week high of $44.82 and 32.2% above its 52-week low of $24.38.
Low expense ratio helps performance. On total assets of $2.00 million, UWTI maintains a low expense ratio compared to its Global Equity peers of just 0.00% to cover all operating costs. Brokerage costs for the fund to buy and sell shares are not included in the expense ratio. As UWTI is an exchange traded fund, it has no front end or back end load.
The VelocityShares 3x Long Crude ETN is managed by a team at Credit Suisse AG. This fund is one of 14 Credit Suisse AG exchange-traded funds launched since 11/29/2010 that we track.
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