An exchange traded fund that goes long gold and shorts the U.S. stock market was the top percentage gainer in ETFs on Tuesday.
FactorShares 2X Gold Bull/S&P 500 Bear (NYSEArca: FSG) was up about 6% at last check.
The fund is a leveraged “spread” ETF designed for investors who think gold will increase in value relative to large-cap U.S. equities in one day or less.
The fund seeks to track the spread, or the difference in daily returns, between the precious metal and U.S. equities primarily by establishing a leveraged long position in gold futures and a leveraged short position in S&P 500 futures, according to the prospectus. [ETF Chart of the Day: FSG]
Gold ETFs rallied Tuesday after dovish comments from Chicago Federal Reserve President Charles Evans. [Gold ETFs Higher]
Meanwhile, U.S. stock ETFs were lower after a report estimated consumer confidence in August fell to the lowest level in more than two years. [Advisors More Bearish on Stocks]
FactorShares 2X Gold Bull/S&P 500 Bear
Chart source: StockCharts.com.
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