The latest US issuance contains more variety, though the benchmark S&P 500 index is still the most common underlying. Credit Suisse is providing access to it via a reverse convertible linked to an exchange-traded fund (ETF) on the index.
Reverse convertibles on an index or fund are rare in the US market, but this is the second such product in recent offerings. Barclays Bank issued a reverse convertible linked to a fund last week.
The three-month Credit Suisse product is linked to the SPDR S&P 50