Current Yield (annualized)*
Important Details Regarding Coupon Information
“Current Yield” for each ETN equals the current Coupon Amount annualized and divided by the closing price of the ETN on its current Coupon Valuation Date, or, if the closing price is not available on that date, then the previous available closing price, and rounded to two decimal places for ease of analysis. The Current Yield is not indicative of future coupon payments, if any, on the ETNs. You are not guaranteed any coupon or distribution amount under the ETNs.
Note: RWXL, DVYL, SDYL and MORL pay a variable monthly coupon linked to 2 times the cash distributions, if any, on the respective underlying index constituents, less withholding taxes, if any. Variations in the amount of monthly distributions will lead to large variations in the Current Yield as calculated above. As such, the Current Yield for each is not indicative of future coupon payments, if any, on these ETNs.* Due to the very large number of underlying index constituents for which ex-dates occurred in December, MORL’s annualized Current Yield of 65.67% is much larger than what an investor can expect to earn over a 12-month period. Accordingly, the Current Yield listed above is not indicative of future coupon payments, if any, on MORL. About ETRACS For further information about ETRACS ETNs, go to http://www.etracs.com. ETRACS ETNs (“ETRACS ETNs”) are exchange-traded notes, an innovative class of investment products offering access to markets and strategies that may not be readily available to investors, and offer unique diversification opportunities in a number of different sectors. ETRACS ETNs may offer:
- Access to asset classes with historically low correlations to more traditional asset classes
- Convenience of an exchange-traded security
- Transparent exposure to a published index
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