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Wells Fargo to price growth securities linked to Vanguard REIT ETF
By Angela McDaniels
Tacoma, Wash., May 22 - Wells Fargo & Co. plans to price 0% growth securities with leveraged upside participation to a cap and fixed percentage buffered downside due March 2016 linked to the Vanguard REIT exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
If the ETF's final share price is greater than the initial share price, the payout at maturity will be par plus 200% of the ETF return, subject to a maximum return of 41% to 46% that will be set at pricing. Investors will receive par if the share price declines by 15% or less and will lose 1% for every 1% that it declines beyond 15%.
The ETF seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI US REIT index, which is a free float-adjusted market capitalization index that aims to represent the performance of the equity real estate investment trust investment universe in the United States.
The notes (Cusip: 94986RJX0) will settle in June.
Wells Fargo Securities LLC is the agent.
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