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Alternative Market Briefing

Credit Suisse adds two more to growing group of commodity ETNs

Friday, June 14, 2013

Bailey McCann, Opalesque New York: Credit Suisse has added two more to a growing group of commodities focused ETNS. As Opalesque reported earlier this year, the firm has launched covered call gold and silver ETNS. The two new products - the Credit Suisse Commodity Benchmark ETN (CSCB) and the Credit Suisse Commodity Rotation ETN (CSCR) capture commodity indices instead of a single asset.

CSCB and CSCR represent Credit Suisse’s first attempt to offer investors non-correlated futures-based commodities investments. CSCB is designed to optimize returns by investing in a wide net of 34 different commodities while CSCR selects the 8 commodities that show the highest amount of backwardation and the lowest amount of contango.

Futures-based commodities investing has grown in popularity in recent years, and while the two biggest securities that target the space are ETFs, some believe ETNs are better vehicles because they offer the possibility of achieving more complex exposure and are more tax efficient.

The Credit Suisse Commodity Benchmark Total Return Index underlying the CSCB ETN is a long-only diversified commodity benchmark index composed of notional futures contracts on 34 physical commodities (as of the 2013 annual rebalance). The index seeks to provide wider diversification and closer reflection of the overall global commodity complex than existing co......................

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