Credit Suisse, the Switzerland-based investment bank and asset manager, today rolled out a globally focused market-neutral exchange-traded note that will reflect both long and short positions in stocks around the developed markets.

The impossibly named Market Neutral Global Equity ETN Linked to the HS Market Neutral Index Powered by HOLT due September 22, 2031 (NYSEArca: CSMN) comes with an annual expense ratio of 1.05 percent, Credit Suisse said on its website.

The underlying index, organized around market capitalization, is a universe of the top 275 North American stocks, the top 300 European stocks and the top 175 Japanese stocks, according to information posted by the New York Stock Exchange on its IPO Showcase page.  The ETN makes use of the HOLT scoring methodology, which screens for 75 long positions and 75 short positions.

The ETN is the latest example in the world of indexing of a security that goes beyond a straight long-only strategy organized around market capitalization. Hedge fund replication strategies; enhanced beta products isolating factors such as volatility; and fundamental ETFs such as those based on indexes from Rob Arnott’s firm, Research Affiliates, are becoming increasingly common 18 years after the first U.S.-listed ETF was brought to market.

CSMN is Credit Suisse’s fifth U.S.-listed ETN. The company’s other ETNs include:

• Credit Suisse Merger Arbitrage Index ETN (NYSEArca: CSMA)
• Credit Suisse Leveraged Merger Arbitrage Index ETN (NYSEArca: CSMB)
• Credit Suisse Cushing 30 MLP ETN (NYSEArca: MLPN)
• Credit Suisse Long/Short Equity Index ETN (NYSEArca: CSLS)