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Article

Are ETNs Realizing Their Potential? An Empirical
Investigation of ETNs versus Other Exchange-Traded Products
in the Precious Metals’ Space

Hélyette Geman, Lovjit Thukral and Colby Wright
The Journal of Index Investing Fall 2012, 3 (2) 23-33; DOI: https://doi.org/10.3905/jii.2012.3.2.023
Hélyette Geman
is a director of the Commodity Finance Centre at Birkbeck at the University of London and ESCP Europe in London, England.
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  • For correspondence: hgeman@hotmail.com
Lovjit Thukral
is a Ph.D. student of Birkbeck at the University of London in London, England.
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  • For correspondence: l.thukral@ems.bbk.ac.uk
Colby Wright
is an assistant teaching professor of Finance at the Brigham Young University in Provo, UT.
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  • For correspondence: wrigh1ca@gmail.com
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Abstract

Within the precious metals’ space, this article outlines and investigates empirically three potential advantages that ETNs may have relative to other exchange-traded products, such as ETFs. First, ETNs may be able to offer investors access to a wider array of assets, commodities, currencies, and indices with a greater variety of leverage ratios. The authors find that ETNs do, in fact, offer investors a much greater variety of leverage ratios in the precious metals’ space compared to other exchange-traded products. Second, ETNs may be able to offer investors lower annual expenses than comparable ETFs or other similar exchange-traded products. The authors are unable to statistically corroborate that notion, however, they note that some exchange-traded products charge nontrivial fees (upward of 3.74%) to investors who are not included in the annual expense fee, whereas ETNs assess no such implicit fees. Third, ETNs may enjoy greater price efficiency owing to the absence of tracking error. The authors find no empirical evidence supporting that possibility.

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The Journal of Index Investing: 3 (2)
The Journal of Index Investing
Vol. 3, Issue 2
Fall 2012
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Are ETNs Realizing Their Potential? An Empirical
Investigation of ETNs versus Other Exchange-Traded Products
in the Precious Metals’ Space
Hélyette Geman, Lovjit Thukral, Colby Wright
The Journal of Index Investing Aug 2012, 3 (2) 23-33; DOI: 10.3905/jii.2012.3.2.023

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Are ETNs Realizing Their Potential? An Empirical
Investigation of ETNs versus Other Exchange-Traded Products
in the Precious Metals’ Space
Hélyette Geman, Lovjit Thukral, Colby Wright
The Journal of Index Investing Aug 2012, 3 (2) 23-33; DOI: 10.3905/jii.2012.3.2.023
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  • Article
    • Abstract
    • MOTIVATION AND BACKGROUND
    • DO ETNS OFFER ACCESS TO A BROADER ARRAY OF INVESTMENTS AND LEVERAGE RATIOS?
    • DO ETNS CHARGE INVESTORS LOWER EXPENSE FEES?
    • DO ETNS OFFER BETTER PRICE EFFICIENCY?
    • CONCLUSION
    • ENDNOTES
    • REFERENCES
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