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Credit Suisse plans new covered-call gold ETN

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Despite recently agreeing to sell its exchange-traded funds business to iShares, Credit Suisse clearly has no intention of exiting the exchange-traded product space completely with news that it is planning to launch a new gold-linked exchange traded note (ETN).

The proposed new note, the Credit Suisse Gold Flows Index ETN, will feature long exposure to physical gold combined with a covered call strategy.

According to a regulatory filing made with the US Securities and Exchange Commission (SEC), the ETN will be linked to the performance of the Credit Suisse Nasdaq Gold Flows 103 Index and will list initially on the Nasdaq Stock Market under the symbol GLDI.

According to the filing: “The initial issuance of the ETN is expected to price on or about 28 January 2013 (the inception date) and is expected to settle on or about 31 January 2013 (the initial settlement date).”

The ETN will feature an annual fee of 0.65 per cent or USD65 per cent for every USD10,000 invested.

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