dont' laugh if the question is too naive. :-)
see below, it says, "The ETNs do not represent an
see below, it says, "The ETNs do not represent an
investment in physical natural gas"
是不是说， 他不参与NG的真正交易，而只是track index？
是不是说， 他不参与NG的真正交易，而只是track index？
=== copied from fact sheet of UGAZ ====
link: app.velocitysharesetns.com/files/page/UGAZProductPage.pdf
The VelocityShares 3x Long Natural Gas ETNs linked
to the S&P GSCI® Natural Gas Index ER (the “ETNs”)
are senior, unsecured obligations of Credit Suisse AG
(“Credit Suisse”) acting through its Nassau branch.
The ETNs seek to provide long exposure to three times
(3x) the daily performance of the S&P GSCI® Natural
Gas Index ER (the “Index”) plus a daily accrual equal
to the return that could be earned on a notional capital
reinvestment at the three month U.S. Treasury rate as
reported on Bloomberg under ticker USB3MTA, less
the daily investor fee. The ETNs are intended to
provide traders with an exchange traded instrument
enabling them to efficiently express their market views
on the NYMEX natural gas future. We intend to list the
ETNs on NYSE Arca under the symbol “UGAZ”,
however there is no assurance that our application will
be approved and we have no obligation to maintain
any listing on NYSE Arca or any other exchange. Any
payments investors are entitled to receive on the ETNs
are subject to the credit risk of the Issuer. The ETNs
do not guarantee any return of principal at maturity
and do not pay any interest during their term.
The Index is the excess return version of a sub-index of
the S&P GSCI® Index (the “S&P GSCI®”) and
represents only the natural gas component of, and is
composed entirely of natural gas futures contracts
included in, the S&P GSCI® Index (the “S&P GSCI®”).
The S&P GSCI® is an index that tracks a world
production-weighted basket of principal non-financial
commodities (i.e., physical commodities) that satisfy
specified criteria and represents the return of a
portfolio of commodity futures contracts included in
the S&P GSCI®. The S&P GSCI® is designed to be a
measure of the performance over time of the markets
for these commodities. The fluctuations in the value of
the S&P GSCI® are intended generally to correlate with
changes in the prices of such physical commodities in
global markets. The ETNs do not represent an
investment in physical natural gas.
