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Wells Fargo plans leveraged market-linked notes on ETF basket
By Sarah Lizee
Olympia, Wash., July 9 – Wells Fargo Finance LLC plans to price 0% market-linked notes with leveraged upside participation to a cap and fixed percentage buffered downside due Aug. 7, 2024 linked to a basket of exchange-traded funds, according to a 424B2 filed with the Securities and Exchange Commission.
The notes are guaranteed by Wells Fargo & Co.
The basket consists of the SPDR Dow Jones Industrial Average ETF trust with a 60% weight, the SPDR S&P MidCap 400 ETF trust with a 20% weight and the iShares Russell 2000 ETF with a 20% weight.
The payout at maturity will be par plus 1.5 times any basket gain, capped at par plus 50% to 55%.
Investors will receive par if the basket falls by up to 15% and lose 1% for each 1% decline beyond 15%.
Wells Fargo Securities, LLC is the agent.
The notes will price July 31.
The Cusip number is 95001H6F3.
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