ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML) ETF Holdings & Analysis

What USML does

USML is engineered to provide twice the daily price fluctuations of the MSCI USA Minimum Volatility Index. This benchmark is derived by refining the broader MSCI USA Index, its primary reference, with the goal of assembling a portfolio that exhibits the lowest possible volatility, all while adhering to specified criteria. The method for achieving this optimization involves an estimated co-variance matrix, which is developed using the Barra multi-factor equity model. Rigorous rules govern the index's composition: individual components must account for a minimum of 0.5% and a maximum of 1.5% of the total index weight. Furthermore, sector allocations are tightly managed, ensuring they do not stray by more than 5% from their weighting within the parent index. Given its leveraged structure and quarterly rebalancing, USML is explicitly designed for short-term trading applications and is unsuitable as a long-term investment instrument. Consequently, the compounding effect can lead to substantial deviations between its long-term returns and those of the underlying index. Lastly, it is crucial to recognize that as an exchange-traded note (ETN), investors are subject to the credit risk of its issuer, UBS.

Fund profile

PortView Portfolio Insights

PortView analyzes how USML fits your actual portfolio — position weight, ETF overlap with your other funds, sector and geographic exposure, concentration, and how this fund contributes to your portfolio risk and return. Connect a portfolio to see your personalized figures; PortView never shows another user's private holdings.

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Frequently asked questions

What does USML track?

USML is the ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN, a Other ETF.

What is the expense ratio of USML?

Expense ratio data for USML is shown on the page when available from our data provider.

What are the largest holdings in USML?

USML's top holdings are listed on this page when available.

How can PortView analyze USML overlap with other ETFs?

PortView computes the holdings overlap between USML and the other ETFs and stocks you own, plus your combined sector and geographic exposure, so you can see true diversification.