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Wells Fargo plans leveraged market-linked notes on ETF basket
By Sarah Lizee
Olympia, Wash., Sept. 5 – Wells Fargo Finance LLC plans to price 0% market-linked notes with leveraged upside participation to a cap and fixed percentage buffered downside due Sept. 13, 2022 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 S&P 500 ETF Trust with a 40% weight, the iShares MSCI EAFE ETF with a 30% weight, the iShares MSCI Emerging Markets ETF with a 15% weight, the SPDR S&P MidCap 400 ETF Trust with a 10% weight and the iShares Russell 2000 ETF with a 5% weight.
The payout at maturity will be par plus 1.25 times any basket gain, capped at par plus 15% to 20%.
Investors will receive par if the basket falls by up to 20% and lose 1% for each 1% decline beyond 20%.
Wells Fargo Securities, LLC is the agent.
The notes will price Sept. 6.
The Cusip number is 95001HAD3.
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