Each NewWave GBP Currency Exchange Traded Notes (ETNs) is designed to provide investors with an easy-to-access and liquid investment in Great British Pounds, similar to having a currency deposit account with a financial institution. Any potential investor should, prior to investing ensure that they have some understanding of currencies and how they trade.
Each note equals a fixed principal amount of £1 and will accrue interest on a daily basis at the overnight LIBOR rate minus a 0.20% interest rate spread.
Interest will be distributed on a semi annual basis.
Fees: No fees are charged, the Issuer earns the interest rate spread.