Fancy Finance: Credit Suisse Rolls Out Silver-linked ETN (SLVO)

I can't even imagine what kind of portfolio machinations are going on in the background of this critter. One thing you do know, Credit Suisse will benefit as it's not as if the world had been crying out for a senior unsecured obligation of Credit Suisse’s Nassau branch.
From Index Universe:

Credit Suisse, the bank that recently agreed to sell its European ETF operations to iShares, today is rolling out a silver-linked ETN that will feature long exposure to physical silver coupled with an overlay of call options—a covered-call strategy that’s quite similar to a covered-call gold ETN the bank launched in January.

The Credit Suisse Silver Shares Covered Call Exchange Traded Notes (NasdaqGM: SLVO) will come with an annual fee of 0.65 percent of assets, or $65 for each $10,000 invested. That’s the same price as the Credit Suisse Gold Shares Covered Call ETN (NasdaqGM: GLDI) that the company launched three months ago

SLVO will have notional exposure to the silver bullion iShares Silver Trust ETF (NYSEArca: SLV) while “notionally” selling monthly “out of the money” SLV call options, according to the paperwork. The gold-linked ETN “GLDI” also notionally sells out-of-the-money GLD calls options. It has gathered about $24 million since its rollout....MORE