USOI

The Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI) is an exchange-traded note (ETN) designed to provide exposure to crude-oil-related markets while generating income through a covered call strategy. The product trades under the ticker USOI on the NYSE Arca.

Classified as a commodity-linked income-oriented ETN, the product seeks to provide exposure to the performance of the United States Oil Fund (USO) while simultaneously using covered call transactions to generate income through option premiums.

Unlike a traditional ETF, USOI is an unsecured debt security issued by a financial institution, meaning investors are exposed not only to fluctuations in the underlying reference asset but also to issuer credit risk.

Composition / Exposure profile

USOI provides exposure primarily associated with:

• WTI crude oil.
• Crude-oil futures markets.
• Energy commodities.
• Covered call strategies.
• Oil futures contracts.
• Energy-market volatility.
• Oil futures curve dynamics.
• Options-based income generation.

The product’s performance is particularly sensitive to international oil-price fluctuations, global geopolitical developments, and volatility within energy markets.

Changes in Federal Reserve monetary policy, fluctuations in global oil demand, OPEC+ production decisions, and shifts in international macroeconomic conditions may directly affect the ETN’s behavior. The product may also reflect changes in implied volatility levels used in covered call pricing.

Structure and costs

USOI notes trade on the secondary market on the NYSE Arca during regular trading hours. Because it is an ETN, the product does not directly hold a physical portfolio of assets like traditional ETFs.

The product charges fees outlined in its prospectus and does not apply a performance fee. The covered call structure may generate distributions associated with option premiums and oil-market dynamics.

Because the ETN uses derivatives and indirect oil exposure through futures contracts, its behavior may diverge from spot crude-oil prices during certain market conditions.

History and evolution of the ETN

The Credit Suisse X-Links Crude Oil Shares Covered Call ETN was launched in 2017 during a period marked by expanding structured products tied to commodity markets and options-based income strategies.

Since inception, the product has reflected movements associated with international oil markets, including fluctuations in WTI crude prices, changes in global energy policies, and volatility across commodity markets.

In recent years, USOI has reflected periods of elevated volatility within energy markets, changes in global oil supply and demand conditions, geopolitical developments, and transformations associated with the energy transition and broader commodity sectors.

Additional Information

Credit Suisse X-Links Crude Oil Shares Covered Call ETN (United States) is an exchange-traded fund (ETF), with assets under management totaling $297.81 million.

Over the past 12 months, Credit Suisse X-Links Crude Oil Shares Covered Call ETN recorded a return of 29.63%, with its price trading between $46.02 and $60.93 during the same period.

The ETF is traded under the ticker USOI.