Taking advantage of two popular investment choices, UBS has released a new ETN centered on two products: index funds and gold. The fund will combine 100% long positions in both the S&P 500 index, as well as gold.

The UBS E-TRACS S&P500 Gold Hedged Index ETN (SPGH: Quote, Profile, Advanced Chart, News) seeks to track the returns of both the S&P 500 index and gold futures contracts. The fund is essentially leveraged by the process of tracking 100% of the return of the S&P and 100% of the return of gold, creating full 100% long exposure. For each $1 invested, an investor will have exposure to $1 worth of S&P500 futures and $1 of long gold contracts.

Since the fund is leveraged, it could theoretically lose 100% of its value should the S&P500 and gold dip more than 50%. To protect investors, UBS has included an Early Termination Clause that would end the fund should it break through the $5 per share threshold, Yahoo Finance reports.