Citi has listed C-Tracks Exchange-Traded Notes Miller/Howard Strategic Dividend Reinvestor on the NYSE Arca.
The C-Tracks with the ticker symbol DIVC began trading on 16 September.
The C-Tracks are designed for investors who seek exposure to the performance of the Miller/Howard Strategic Dividend Index Total Return, reduced by an accrued investor fee. Accordingly, the C-Tracks offer a payment at maturity or early redemption that may be greater than, equal to or less than the stated principal amount of the C-Tracks depending on the performance of the Index and certain other factors that may impact the value of the C-Tracks.
The index is a rules-based proprietary index developed by Miller/Howard Strategic Indexes and is designed to track the performance of 30 equally weighted stocks traded on US exchanges selected quarterly pursuant to rules based upon certain quantitative fundamental factors, including dividend yield, expected growth of dividend yield, market valuation relative to book value, return on invested capital relative to price-to-earnings ratio and trailing 26-week stock price momentum.
The index accounts for the payment of cash dividends (both ordinary and special) by the constituent stocks by notionally reinvesting the amount of payments into the index.