Seeking Alpha

Credit Suisse launches levered Europe ETN

  • Credit Suisse rolls out the FI Enhanced Europe 50 ETN (FIEU) - a double-levered fund of European blue chips selected from the 600 largest stocks traded on the continent's (plus U.K.) exchanges. The bank could be seeing opportunity as a similar fund launched by Barclays in late May (FEEU) has already garnered more than $800M in AUM.
  • Both funds are apparently levered-up versions of the SPDR Stoxx Europe 50 ETF (FEU).
  • Costs: the FIEU "investor fee" is "equal to the product of the ETN’s closing indicative value the previous business day; times 0.05 percent; times the ‘day count fraction.'" The FEEU has an annual "exposure fee rate" that is the sum of 0.76% plus the 3-month Libor rate.
  • Other Europe equity ETFs: EZU, VGK, FEZ, EPV, IEV, ADRU, FEP, FDD, UPV, EPV, DFE, FEU, FEEU Bonds: EU.
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