Exchange traded notes (ETNs) are one of the relatives to exchange traded funds (ETFs) that have blossomed recently. They are beginning to cover a wide variety of areas, although currently commodity and currency ETNs dominate. So far, Barclays holds the most ETNs (eight total) in its iPath series, which recently surpassed $3 billion in assets. However, two ETNs from other providers have launched this year to add some competition. Bear Stearns recently launched the BearLinx Alerian MLP Select Index ETN (BSR), which follows a benchmark of energy-related investments, reports Ian Salisbury for the Wall Street Journal. Also, this summer, Goldman Sachs launched its first ETN: the GS Connect S&P GSCI Enhanced Commodity Total ReturnStrategy Index ETN (GSC). It tracks a tweaked version of the S&P GSCI Index. Let’s see how these 10 ETNs are doing:

  • iPath Dow Jones-AIG Commodity Index Total Return ETN (DJP) – up 8.3% year-to-date
  • iPath S&P GSCI Crude Oil Total Return Index ETN (OIL) – up 21.1% year-to-date
  • iPath S&P GSCI Total Return Index ETN (GSP) – up 16.9% year-to-date
  • iPath MSCI India Index ETN (INP) – up 48.7% year-to-date
  • iPath JPY/USD Exchange Rate ETN (JYN) – up 4.9% for the last three months, having launched in May
  • iPath EUR/USD Exchange Rate ETN (ERO) – up 4.7% for the last three months, having launched in May
  • iPath GBP/USD Exchange Rate ETN (GBB) – up 3.0% for the last three months, having launched in May
  • iPath CBOE S&P 500 BuyWrite Index ETN (BWV) – down 0.1% for the last three months, having launched in May
  • GS Connect S&P GSCI Enhanced Commodity Total ReturnStrategy Index ETN (GSC) – up 5.0% since July inception
  • BearLinx Alerian MLP Select Index ETN (BSR) – down 11.0% since July inception

The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.

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