Hmmm...here's another article that describes UYG as an ETF...Rocket, I think you may need to reverse course on that ETN thought.
"Profit-taking in the financial sector sent ETFs linked to banks and other financial institutions lower and deeper into oversold territory below the 200-day moving average on Thursday. The ProShares Ultra Financials ETF (NYSE:UYG - News) was off more than 10% intraday."
Do you have any links or other information that shows this is not an ETF or is that really just a "gut" feeling? Are you saying this information is incorrect (ETF mentioned at least twice)?
"This ETF is designed to meet daily objectives; results over longer periods may differ. There is no guarantee that any ProShares ETF will achieve its investment objective."
"Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns."
Rick, I honestly wonder whether all of the ultra funds are a big ponzi scheme. they all (short or long) seem to just track down over time. maybe part of it is just this market-- NOTHING long bounces out of its sharp down trend. this thing, UYG, in particular is an ever descending p.o.s. i hate the thought of selling at 2.99 but this is ca-rap.
From the prospectus it appears to be an ETF, not an ETN:
"PROSHARES TRUST Supplement dated January 15, 2009
In connection with its acquisition of Lehman Brothers North American investment banking and capital markets operations, Barclays Capital announced on November 3, 2008 that it was rebranding its unified family of indices..."
ProShares Trust (the “Trust”) is a registered investment company organized as a Delaware statutory trust that consists of separate
exchange-traded funds (each, a “Fund”). ProShare Advisors LLC (“ProShare Advisors”) serves as the investment advisor to each Fund.
ETF's can pay well. I think you need to go and get some basic info on ProShares @ proshares.com and yes it's possible for a fund to go to zero but it's not likely.
There a ETF's with 1x, 2x and 3x daily goals. Once you understand that some of the funds contain derivitives you'll understand how they work a little better better and can meet your needs.
Plenty of reading out there.