UBS launches ETN with dollar hedge for equity investors

UBS has listed an exchange-traded note (ETN) linked to the S&P 500 Gold Hedged index on the Arca platform of the New York Stock Exchange. The E-Tracs note offers exposure to US equity while hedging potential dollar decline by taking a long position on gold.

"US investors don't always recognise when they're taking on dollar exposure," says Christopher Yeagley, managing director and head of US structured equity products at UBS in Stamford, Connecticut. "People talk about the S&P 500's performance

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