First Trust Enhanced Stocks, Bonds & Gold ETF(AMEX:ESBG)

ESBG is actively managed to provide exposure to three different asset classes: US large-cap equities, US Treasuries, and gold. The fund invests in futures contracts, targeting a total notional exposure of approximately 210%, split equally among the three asset classes. Exposure is rebalanced monthly, though more frequent adjustments may occur based on market conditions or regulatory needs. This process, plus the rolling of futures contracts, can lead to high portfolio turnover and significant leverage risk, meaning the Fund could lose more than its invested capital. Gold futures are held indirectly via a wholly-owned Cayman Islands subsidiary, due to tax regulations restricting direct investment in gold futures.