交易所交易产品结构概述 - 投资者可通过交易所交易产品获取MLP敞口 首要选择是区分交易所交易基金和交易所交易票据 [1] 市场主要产品与演变 - 市场早期由两大产品定义 Alerian MLP ETF为ETF结构 J P Morgan Alerian MLP Index ETN曾是旗舰ETN产品但已于2024年到期停止交易 [2] - 原ETN产品到期后 由JPMorgan Alerian MLP Index ETN继承其代码与传统 [2] - 首只ETF于1993年推出 而ETN直到2006年才进入市场 由巴克莱银行首创 旨在简化零售投资者接触大宗商品和货币等难及工具的途径 [4] ETF与ETN的异同 - ETF和ETN均在交易所交易并跟踪标的指数 且都发放1099税表 避免了K-1表格的繁琐 [3] - ETN是银行发行的优先无担保债务证券 不持有其跟踪的标的资产 其回报与市场指数或基准表现挂钩 [5] - MLP ETN可能从票息或资产净值中扣除费用 从而降低收益率 费用通常从资产净值中扣除 [5] - ETN结构能最小化跟踪误差 因为发行人有合同义务支付指数的确切回报 [6] - ETN不支付传统股息 而是支付与指数内MLPs现金分派挂钩的可变票息 [6] - ETN特有的风险是发行人的信用风险 投资回报取决于银行履行债务义务的能力 [7] - ETN的票息按普通收入税率征税 因此最适合免税账户 而ETF在应税或免税账户中均可使用 [7] - ETN的流动性往往低于高交易量的ETF 交易量差异可能影响投资者快速进出头寸的能力 [8] MLP投资吸引力与产品应用 - MLPs因其提供税收递延分派和高收益率而吸引投资者 [8] - 像AMLP这样的ETF能以熟悉的产品形式提供这种敞口 [8] - 投资者常将MLP ETF用于收入投资组合 作为另类投资 或在投资策略中获取实物资产敞口 [8]

First Principles Partners is an equity research analyst specializing in technology, innovation, and sustainability investment. My unique approach, "First Principles," involves breaking down complex problems to their most basic elements in terms of financial and technology, enabling me to uncover overlooked investment opportunities.With a strong background in investment, private equity and venture capital, I have a proven track record of delivering strong returns for readers. Articles on Seeking Alpha focus ...

产品概述 - CoinShares Altcoins ETF (DIME) 为投资者提供对一系列区块链网络的等权重敞口 这些网络正成为传统金融的基础设施 [1] 投资主题与展望 - 公司对相关市场至2026年的展望材料中阐述了该产品的投资主题 [1]

And a new note today is calling out the best way to play the cyber AI theme. Let's bring in the man behind it, Dan Ies. He's global head of technology research at Wedbush.Dan, it's great to see you. Welcome to >> be here. >> Give me, you know, on a zero to 10 your excitement level about Nvidia, Tesla, and then cyber security in kind of ranked order or is it just going to be an uh, you know, rising tide lifts all boats next year.Why does Crowd Strike in particular jump out to you. Yeah, look I mean to me it' ...

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分析师背景与研究方法 - 分析师自19岁开始学习市场 其交易决策基于宏观洞察和技术指标的结合 [1] - 分析师持续投入时间研究宏观与市场 甚至在运动时也在思考相关主题 [1] 分析师持仓与利益披露 - 分析师声明在文章提及的任何公司中均未持有股票、期权或类似衍生品头寸 [2] - 分析师声明在未来72小时内无计划发起任何此类头寸 [2] - 分析师声明文章为个人所写 表达个人观点 且除Seeking Alpha外未获得其他补偿 [2] - 分析师声明与文章中提及的任何股票所属公司均无业务关系 [2] 平台免责声明 - Seeking Alpha声明过往表现并不保证未来结果 [3] - Seeking Alpha声明文章不构成针对任何特定投资者的投资适宜性建议 [3] - Seeking Alpha声明所表达的观点可能不代表Seeking Alpha整体意见 [3] - Seeking Alpha声明自身并非持牌证券交易商、经纪商、美国投资顾问或投资银行 [3] - Seeking Alpha声明其分析师为第三方作者 包括专业和散户投资者 他们可能未受任何机构或监管机构许可或认证 [3]

Just when you thought you made your last trip out to the mall or the shopping center this year, it's time for returnuary. According to the National Retail Federation, retailers estimate about 17% of their holiday sales will be returned this year. So, how do all those returns impact a store's bottom line.And what does it say about the consumer. Let's ask Bill Simon. He's the former president and CEO of Walmart US.Uh, Bill, it's great to see you. And um I guess stores are trying to really take advantage of th ...

After a bruising year for the stock, a new institutional buyer is stepping in as Fluor’s cash flow, backlog quality, and capital returns quietly improve.Kentucky-based Aristides Capital initiated a new position in Fluor Corporation (FLR 0.46%) during the third quarter, acquiring 224,842 shares in an estimated $9.46 million stake as of September 30.What HappenedAccording to a filing with the Securities and Exchange Commission dated November 13, Aristides Capital LLC established a new position in Fluor Corpor ...

Joining me now is ProShares global investment strategist Simeon Heyman. Welcome. >> Thanks for having me. >> Um, you're absolutely right there. There's kind of two things going on here. And those who are worried that the market's only up because of an AI bubble should also be aware of the larger soft landing narrative here. There was never a recession. Now rates are coming down. So where what do you think is going on? >> It's it's actually almost that the soft landing is the nearer term thing. The AI thing ...

Joining us now with what that all means for the Fed next year, Thomas Simons is the chief US economist at Jeffre and of course our very own Steve Leeman. Welcome to you both. Thomas, kick things off for us.Um, you know, rain a little bit on our prey because it's it's been nice to see jobless claims are low and GDP is high. Um, but what do you think this quarter could bring. Yeah, you know, I mean, I think that that's been one of the hallmarks of 2025 so far is relationships that have typically held in the p ...