HSBC makes 10 with new ETN issue

The CTI applies a long/short approach to commodity markets, using a diversified portfolio of 16 different physical commodity futures contracts. Contracts are split into six separate sectors which each have their own weighting: livestock, energy, precious metals, grains, softs and industrial metals. A long or short position is then taken on each sector, based on its price behaviour relative to its moving average. Due to the continuous consumption of energy, exposure to this sector is always a