Credit Suisse X-Links Monthly Pay 2xLeveraged Mortgage REIT ETN
REML
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- Credit Suisse X-Links Monthly Pay 2xLeveraged Mortgage REIT ETN (REML) is an exchange-traded note issued by Credit Suisse AG, acting through its Nassau Branch, that provides investors with monthly compounded 2x leveraged long exposure to the price return performance of the FTSE NAREIT All Mortgage Capped Index, reduced by accrued fees; potential variable monthly coupon payments linked to two times the net cash dividends or distributions from the index constituents; early redemption rights for holders subject to a minimum of 50,000 ETNs and a 0.125% redemption fee; and a call right exercisable by the issuer on all outstanding ETNs with at least 16 days' notice. The underlying index tracks the performance of tax-qualified U.S. mortgage real estate investment trusts listed on major exchanges such as the NYSE, NYSE Arca, or NASDAQ, with more than 50% of assets in mortgage loans or mortgage-backed securities secured by real property; constituents are capped to limit concentration risk; and leverage resets monthly rather than daily to reflect compounded performance. The ETNs, with a stated principal amount of $25.00 per unit and originally maturing on July 11, 2036, were listed on NYSE Arca under the ticker REML (CUSIP 22539T282); feature a tracking fee of 0.50% per annum and financing charge based on 3-month LIBOR plus 0.80% spread; and are designed for sophisticated investors tolerant of full principal loss potential due to leverage and market volatility. Founded with an initial trade date of July 12, 2016, and headquartered at Credit Suisse AG's registered office in Zurich, Switzerland (Paradeplatz 8, CH-8001), the ETNs operate primarily in U.S. financial markets targeting institutional and retail investors seeking amplified exposure to the mortgage REIT sector. No subsidiaries or parent company relationships apply beyond the issuer's structure as senior unsecured obligations of Credit Suisse AG. In a major development, Credit Suisse AG exercised its call right on the REML ETNs, announcing the acceleration and redemption of all outstanding units with a call settlement date of December 27, 2021, resulting in a cash payment to holders and effective liquidation of the product shortly thereafter; the ETNs were subsequently delisted from NYSE Arca. This followed an amended pricing supplement in November 2020 increasing issuance to 20,495,000 units amid ongoing market challenges for leveraged mortgage products; no further issuances, partnerships, acquisitions, or expansions occurred post-call. As of late 2025, REML remains delisted and inactive, with legacy trading data showing high yields around 17-18% prior to redemption but reflecting substantial volatility and principal erosion.