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Alternative Market Briefing

Credit Suisse launches covered call silver ETN - second metals ETN this year

Thursday, April 18, 2013

Bailey McCann, Opalesque New York: Credit Suisse has launched its second covered call metals ETN of the year. The Credit Suisse Silver Shares Covered Call ETN (SLVO) went live on the NASDAQ today. Opalesque first reported on the launch of their inaugural covered call gold ETN - GLDI - which went live at the end of January. SLVO is the first exchange traded product in the US market to offer investors access to a covered call strategy on a silver investment and is designed to pay variable monthly coupons.

The new product is linked to the Credit Suisse NASDAQ Silver FLOWSTM 106 Index. SLVO, which tracks the Credit Suisse NASDAQ Silver FLOWSTM (Formula-Linked OverWrite Strategy) 106 Index, seeks to implement a rolling covered call investment strategy by maintaining a notional long position in shares of the iShares Silver Trust ETF (SLV) while notionally selling monthly out-of-the-money call options on that position. Holders of SLVO will be entitled to receive variable monthly payments based on the notional option premiums received from the sale of the covered call options each month.

Credit Suisse partnered with NASDAQ OMX in creating the FLOWSTM suite of indices that the ETN tracks.

"Precious metals investments do not typically provide any current income. For the GLDI and SLVO ETNs however, this is not the case," said Greg King, head of exchange tra......................

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