HSBC USA has launched its first exchange-traded note (ETN), taking the number of issuers in the US market to 10. The note was one of nine commodity-linked ETNs to be listed in June on the New York Stock Exchange's Arca platform.
HSBC's Elements ETN is linked to the performance of the total-return version of S&P's Commodity Trends Indicator (CTI). The CTI is a diversified portfolio of 16 different physical commodity futures contracts, split into six separately weighted sectors. A long or short po