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Wells Fargo to price 0% growth securities on basket of four ETFs
By Toni Weeks
San Diego, Aug. 4 - Wells Fargo & Co. plans to price 0% growth securities with upside participation to a cap and contingent downside protection due March 2016 linked to a basket of four exchange-traded funds, according to a 424B2 filing with the Securities and Exchange Commission.
The basket consists of the SPDR S&P 500 exchange-traded fund trust with a 45% weight, the iShares Russell 2000 index fund with a 20% weight, the iShares MSCI EAFE index fund with a 20% weight and the iShares MSCI Emerging Markets index fund with a 15% weight.
The payout at maturity will be par plus 1.5 times any gain in the basket, up to a maximum return of 150% to 160% that will be set at pricing.
Investors will receive par if the basket declines by 40% or less and will be fully exposed to losses should the basket fall by more than 40%.
The notes (Cusip: 94986REX5) are expected to price and settle in September.
Wells Fargo Securities, LLC is the underwriter.
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