ETRACS Monthly Pay 1.5X Leveraged Closed-End Fund Index ETN (CEFD) Financials
Newest figures come from the 20-F for FY2025, filed Mar 9, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the CEFD SEC filings page.
ETRACS Monthly Pay 1.5X Leveraged Closed-End Fund Index ETN (CEFD) reported $47.7B in revenue for fiscal year 2025, up 12.7% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (20-F and 6-K reports).
CEFD operates with a highly leveraged balance sheet, where asset growth and cash flows matter more than conventional operating margins.
FY2024 paired a net income of$1.53B with operating cash flow of-$27.1B , but FY2025 paired$3.57B of earnings with$24.6B of operating cash flow. That reversal indicates reported profitability is not a consistent proxy for cash generation, making the underlying cash-flow swings more informative than either year's earnings alone.
In FY2025, liabilities represented
Revenue rose
Financial Health Signals
We do not publish a peer-relative financial health score for ETRACS Monthly Pay 1.5X Leveraged Closed-End Fund Index ETN, because the score only covers companies whose filings and listing give us what it needs to compare them with their peers. The signals and metrics below are current.
ETRACS Monthly Pay 1.5X Leveraged Closed-End Fund Index ETN passes 6 of 6 computable financial strength tests (3 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), all 1 leverage/liquidity signals pass, the one computable operating efficiency signal (asset turnover improving) passes.
For every $1 of reported earnings, ETRACS Monthly Pay 1.5X Leveraged Closed-End Fund Index ETN generates $6.89 in operating cash flow ($24.6B OCF vs $3.6B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
ETRACS Monthly Pay 1.5X Leveraged Closed-End Fund Index ETN generated $47.7B in revenue in fiscal year 2025. This represents an increase of 12.7% from the prior year.
ETRACS Monthly Pay 1.5X Leveraged Closed-End Fund Index ETN reported $3.6B in net income in fiscal year 2025. This represents an increase of 132.6% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Cash & Balance Sheet
ETRACS Monthly Pay 1.5X Leveraged Closed-End Fund Index ETN held $231.0B in cash as of fiscal year 2025; no long-term debt figure is on record for that period.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
ETRACS Monthly Pay 1.5X Leveraged Closed-End Fund Index ETN's net profit margin was 7.5% in fiscal year 2025, showing the share of revenue converted to profit. This is up 3.9 percentage points from the prior year.
ETRACS Monthly Pay 1.5X Leveraged Closed-End Fund Index ETN's ROE was 4.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 2.4 percentage points from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
None of these metrics is reported for fiscal year 2025.
CEFD Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).
CEFD Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F |
|---|---|---|---|---|---|
| Total Assets | $1.6T+3.1% | $1.6T+35.6% | $1.2T+4.6% | $1.1T-1.0% | $1.1T |
| Cash & Equivalents | $231.0B-5.1% | $243.4B+27.8% | $190.5B-2.4% | $195.2B-6.0% | $207.8B |
| Goodwill | $6.6B+1.5% | $6.5B+8.3% | $6.0B-4.3% | $6.3B-1.7% | $6.4B |
| Total Liabilities | $1.5T+3.7% | $1.5T+33.9% | $1.1T+5.0% | $1.0T-0.9% | $1.1T |
| Total Equity | $88.8B-5.5% | $94.0B+70.2% | $55.2B-2.4% | $56.6B-2.6% | $58.1B |
| Retained Earnings | -$2.1B-127.4% | $7.8B-72.2% | $28.2B-11.1% | $31.7B+13.7% | $27.9B |
Not reported in any period shown, so not listed: Current Assets, Short-Term Investments, Inventory, Accounts Receivable, Long-Term Investments, Current Liabilities, Non-Current Liabilities, Long-Term Debt.
CEFD Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F |
|---|---|---|---|---|---|
| Operating Cash Flow | $24.6Bn/m | -$27.1Bn/m | -$28.2B-365.3% | $10.6B-65.2% | $30.6B |
| Depreciation & Amortization | $2.9B+0.6% | $2.8B+26.9% | $2.2B+21.3% | $1.8B-1.6% | $1.9B |
| Investing Cash Flow | -$22.3B-118.2% | $122.4Bn/m | -$4.9Bn/m | -$12.3Bn/m | -$1.9B |
| Financing Cash Flow | -$33.8Bn/m | -$32.1B-263.2% | $19.7Bn/m | -$5.3B-148.1% | $10.9B |
| Dividends Paid | $13.0B+333.3% | $3.0B-50.0% | $6.0B+42.9% | $4.2B-7.5% | $4.5B |
Not reported in any period shown, so not listed: Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Share Buybacks.
CEFD Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F |
|---|---|---|---|---|---|
| Net Margin | 7.5%+3.9pp | 3.6%-6.2pp | 9.8%-10.5pp | 20.4%+0.7pp | 19.7% |
| Return on Equity | 4.0%+2.4pp | 1.6%-4.4pp | 6.0%-6.6pp | 12.6%+0.4pp | 12.2% |
| Return on Assets | 0.2%+0.1pp | 0.1%-0.2pp | 0.3%-0.4pp | 0.6%0.0pp | 0.6% |
| Liabilities-to-Equity | 17.20+1.5x | 15.67-4.2x | 19.92+1.4x | 18.53+0.3x | 18.20 |
| Asset Turnover | 0.030.0x | 0.030.0x | 0.030.0x | 0.030.0x | 0.03 |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio, Debt-to-Equity, FCF Margin.
Where ETRACS Monthly Pay 1.5X Leveraged Closed-End Fund Index ETN Ranks
Frequently Asked Questions
ETRACS Monthly Pay 1.5X Leveraged Closed-End Fund Index ETN (CEFD) reported $47.7B in total revenue for fiscal year 2025. This represents a 12.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
ETRACS Monthly Pay 1.5X Leveraged Closed-End Fund Index ETN (CEFD) revenue grew by 12.7% year-over-year, from $42.3B to $47.7B in fiscal year 2025.
Yes, ETRACS Monthly Pay 1.5X Leveraged Closed-End Fund Index ETN (CEFD) reported a net income of $3.6B in fiscal year 2025, with a net profit margin of 7.5%.
ETRACS Monthly Pay 1.5X Leveraged Closed-End Fund Index ETN (CEFD) had a net profit margin of 7.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
ETRACS Monthly Pay 1.5X Leveraged Closed-End Fund Index ETN (CEFD) has a return on equity of 4.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
ETRACS Monthly Pay 1.5X Leveraged Closed-End Fund Index ETN (CEFD) generated $24.6B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
ETRACS Monthly Pay 1.5X Leveraged Closed-End Fund Index ETN (CEFD) had $1.6T in total assets as of fiscal year 2025, including both current and long-term assets.
ETRACS Monthly Pay 1.5X Leveraged Closed-End Fund Index ETN (CEFD) had a liabilities-to-equity ratio of 17.20 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity. No debt-to-equity ratio is shown for fiscal year 2025, because the filing data we hold for that year carries no long-term debt figure.
ETRACS Monthly Pay 1.5X Leveraged Closed-End Fund Index ETN (CEFD) had a return on assets of 0.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
ETRACS Monthly Pay 1.5X Leveraged Closed-End Fund Index ETN (CEFD) has a Piotroski F-Score of 6 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
ETRACS Monthly Pay 1.5X Leveraged Closed-End Fund Index ETN (CEFD) has an earnings quality ratio of 6.89x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.