Despite increasing credit risk to European banks, some firms introduced exchange-traded notes (ETNs). ETNs are debt obligations tied to the performance of an index, currency or commodity.
Credit Suisse launched the Market Neutral Equity ETN (CSMN), which tracks the HS Market Neutral Index Powered by HOLT. The index contains a portfolio of 75 long stocks and 75 short stocks from a selection of global stocks using various factors including value and momentum.
CSMN charges an annual fee of 1.05 percent.