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Credit Suisse launches Mortgage REIT ETN


Credit Suisse has launched the X-LinksTM Monthly Pay 2xLeveraged Mortgage REIT ETN, which is listed on NYSE Arca under the ticker symbol REML.

REML provides a monthly compounded, two times leveraged long exposure to the price return version of the FTSE NAREIT All Mortgage Capped Index and may pay a variable monthly coupon linked to the net cash distributions, if any, of the index constituents. 
The index measures the performance of tax-qualified US mortgage REITs. FTSE International, the index sponsor, selects the index constituents and, in its capacity as index calculation agent, calculates the index. Levels for the price return version of the index are disseminated real-time under the Bloomberg ticker symbol "FNMRC" and the Reuters instrument code ".FTFNMRC". The index was launched on 19 December 2008 and has no performance history prior to that date.
"REML provides leveraged exposure to a diversified portfolio of tax-qualified US mortgage REITs," says Paul Somma, head of exchange traded notes at Credit Suisse. "It is designed for investors who are familiar with mortgage REITs and the risks of leveraged investments and are attracted by the yield opportunity offered by this investment."

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