ETFS 3x Short USD Long EUR
USE3 is an exchange traded currency ("ETC"). Its securities can be created and redeemed on demand by authorised participants and traded on exchange just like shares in a company.
The ETC obtains exposure to the Index by entering into unfunded swaps with a counterparty. There is no upfront cash payment by the Issuer to the counterparty when an unfunded swap is created. However, daily cash payments are made between the Issuer and the counterparty to reflect the movements in the value of the Index.
Separately, the Issuer uses the cash it holds to purchase eligible collateral from the counterparty under a daily reverse repurchase agreement ("reverse repo"), an agreement whereby the counterparty agrees to repurchase such eligible collateral from the Issuer the following day. The eligible collateral is held by the custodian in a custody account.
|Currency hedged||No – this product is not protected against adverse currency movements|
|Replication method||Synthetic - unfunded swap backed by collateral|
|Legal form||Debt security|
|Securities regulator||Financial Conduct Authority (FCA UK)|
|UK Reporting Status||Yes|
|Key Service Providers|
|Trustee||The Law Debenture Trust Corporation p.l.c.|
|Issuer||ETFS Foreign Exchange Limited|
|Registrar||Computershare Investor Services (Jersey) Ltd|
|Collateral manager||The Bank of New York Mellon|
|Counterparty||Morgan Stanley & Co. International plc|
|Entry / Exit fees||None when traded on Exchange|
Listings & Codes
|Listings & Codes|
The above chart presents information about the difference between the daily market price for shares of the Fund and the Fund's net asset value. The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund's NAV is calculated (usually 4:00 p.m. eastern time for most Funds). The vertical axis of the chart shows the premium or discount expressed as a percentage of mid-point.
† Source: Bloomberg, all data delayed at least 15 minutes.
Note: Volume is the number of securities traded on the relevant Exchange. Estimated value of securities traded (volume x Last price). For the purposes of showing the total turnover, we convert the turnover for each product from its trading currency into USD using a standard end-of-day benchmark exchange rate.
MSFXSM Triple Short US Dollar/Euro Index (TR)
The Index provides a 3x leveraged 'short' exposure to: (i) USD relative to EUR. For example, if USD were to rise in value relative to EUR, the Index (tracked by the ETC) would decrease in value by three times the same amount. Conversely if USD were to decrease in value relative to EUR, the Index would increase in value by three times the same amount; and (ii) an interest rate differential reflecting the difference between the USD and the EUR exchange rates.
The Index is a total return index, which means that it also provides a collateral yield.
|Index Name||MSFXSM Triple Short US Dollar/Euro Index (TR)|
|Index Constituent Count||1|
|Index Type||Total Return|
|Reuters Index Ticker||n.a.|
|Security||21 Mar 2019|
|1. MSFXSM Triple Short US Dollar/Euro Index (TR)||100.00%|
|Currency (weighting)||21 Mar 2019|
|1. Pound Sterling||51.25%|
|3. Yuan Renminbi||4.93%|
|4. Cayman Islands Dollar||4.76%|
|5. Hong Kong Dollar||2.47%|
|7. US Dollar||0.01%|
|Country (weighting)||21 Mar 2019|
|1. UNITED KINGDOM||51.25%|
|5. CAYMAN ISLANDS||4.76%|
|6. HONG KONG||2.47%|
|10. UNITED STATES||0.01%|
|Constituents Top 20||21 Mar 2019|
|1. UNITED KINGDOM GILT 1.75 07SEP22||17.18%|
|2. REPUBLIC OF AUSTR 1.75 20OCT23 144A||16.11%|
|3. UNITED KINGDOM GILT 2.25 07SEP23||12.04%|
|4. FINLAND GOVERNME 1.125 15APR34 144A||11.32%|
|5. UNITED KINGDOM GILT 0.5 22JUL22||8.50%|
|6. REPUBLIC OF AUSTRI 3.4 22NOV22 144A||7.73%|
|7. UNITED KINGDOM GIL 0.125 22MAR46 IL||4.15%|
|8. UNITED KINGDOM GILT 1.75 22JUL19||3.42%|
|9. UNITED KINGDOM GILT 1.5 22JAN21||3.05%|
|10. TENCENT HOLDINGS LTD HKD 0.00002||2.15%|
|11. PETROCHINA CO LTD CNY 1.0||2.15%|
|12. BANK OF CHINA LTD CNY 1.0||2.15%|
|13. CHINA UNICOM HONG KONG LTD NPV||2.15%|
|14. CHINA CONSTRUCTION BANK COR CNY 1.0||2.13%|
|15. WH GROUP LTD USD 0.0001 144A||1.99%|
|16. CK HUTCHISON HOLDINGS LTD HKD 1.0||1.03%|
|17. CSPC PHARMACEUTICAL GRP HKD 0.1||0.93%|
|18. UNITED KINGDOM GILT 4.25 07DEC40||0.81%|
|19. REPUBLIC OF AUSTRI 0.0 15JUL23 144A||0.74%|
|20. GODEWIND IMMOBILIEN AG EUR 1.0 144A||0.08%|
This financial promotion has been issued and approved for the purpose of section 21 of the Financial Services and Markets Act 2000 by WisdomTree UK Limited (“WTUK”) which is authorised and regulated by the United Kingdom Financial Conduct Authority. Any performance data displayed on this site is denominated in the trading currency (unless stated otherwise) and does not reflect movements in the exchange rate between the trading currency and any other currency. Adverse exchange rates can significantly affect the value of your investment if your investment is not denominated in the trading currency. Exchange rate risk should always be considered when analysing performance denominated in another currency. Any benchmark performance information does not illustrate the effect of fees and expenses. This information is historical information. Past performance is not a reliable indicator of future results. Certain information may have been prepared by persons other than WTUK or its affiliates. WTUK (and its directors, employees, officers, agents and affiliates) is not responsible in any way for the content of any such information. Investments may go up or down in value and you may lose some or all of the amount invested. Past performance is not a reliable indicator of future performance. You should consult an independent investment adviser prior to making any investment in order to determine its suitability to your circumstances. Any decision to invest should be based on the information contained in the prospectus (and any supplements thereto) of the relevant product which includes information on certain risks associated with an investment. None of the index providers referred to herein nor their licensors make any warranty or representation whatsoever either as to the results obtained from use of the relevant indices and/or the figures at which such indices stand at any particular day or otherwise. None of the index providers shall be liable to any person for any errors or significant delays in the relevant indices nor shall be under any obligation to advise any person of any error or significant delay therein. Securities or shares referred to on this page are not obligations of or guaranteed by any of the counterparties referred to herein or any of their affiliates. Each of the counterparties disclaims all and any liability whether arising in tort, contract or otherwise which it might have in respect of this document or its contents otherwise arising in connection herewith.