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Products July 28, 2008
Conn. Firm Releases Long-Short ETN
Westport, Connecticut-based WealthNotes Capital Management launches an exchange-traded note (ETN) tracking the performance of the S&P 500 130/30 Total Return Strategy Index.
Reported by Fred Schneyer
The company said in a release that the WealthNotes ETN will be issued by Norway’s Eksportfinans. The NYSE Arca will trade the WealthNotes ETNs under the ticker symbol WNF.
According to the release, ETNs are debt securities that have similarities to exchange-traded funds (ETFs), as both are linked to the performance of indexes and are traded on major U.S. exchanges. Under most market conditions, however, ETNs offer no tracking error of the reference indexes.
“The S&P 500 130/30 Total Return Strategy Index is a highly sought-after strategy that can most effectively be brought to investors through exchange-traded notes,” said Keith Styrcula, CEO of WealthNotes Capital Management, in the release.
More information is available at www.wealth-notes.com.