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This communication may reflect the opinion of Wells Fargo Corporate & Investment Banking, together with its affiliates and/or their officers, directors, agents and employees, (collectively “Wells Fargo Corporate & Investment Banking” or “CIB”) personnel who are not members of the Wells Fargo Securities (“WFS ”) Global Research Department. This communication does not reflect the views of the WFS Global Research Department unless specifically indicated and may differ from the views expressed by the WFS Global Research Department. Please see Wells Fargo Research to view WFS’ most current equity research and economic data.
This communication (including attachments) is for the sole use of the intended recipient(s) and may contain confidential information. Any unauthorized review, use, disclosure or distribution of this information is prohibited. If you are not the intended recipient, please delete this communication without retaining a copy and immediately notify the sender.
This communication is for informational purposes only, is not an offer, solicitation, recommendation or commitment for any transaction or to buy or sell any security or other financial product (unless expressly stated otherwise and/or this communication is subject to 17 C.F.R. §§ 1.71 and 23.605 or Section 15F(j) of the Securities Exchange Act of 1934 (“SEA”) and any U.S. Securities and Exchange Commission (“SEC”) rule thereunder), and is not intended as investment advice or as a confirmation of any transaction (except for any transaction confirmation transmitted herewith). This communication does not take into account your particular investment objectives, financial condition or needs and is not intended to serve as a basis for entering into any transaction or to suggest, through opinion, recommendation, or otherwise, that you should enter into a particular transaction or trading strategy.
If this communication relates to a Security-Based Swap (“SBS”), it is intended only for persons that are Eligible Contract Participants (“ECPs”) as defined in the Commodity Exchange Act (“CEA”) Section 1a(18) and SEA Section 3(a)(65) and the regulations issued thereunder. If you are not an ECP and this communication involves an SBS, please disregard this communication and delete this communication without retaining a copy and immediately notify the sender.
For the purposes of, and to the extent subject to, Commodity Futures Trading Commission (“CFTC”) Regulations at 17 C.F.R. §§ 1.71 and 23.605 promulgated pursuant to the CEA, if this communication relates to one or more derivatives transactions regulated by the CFTC, this is a “solicitation” and is not a “research report” as defined in 17 C.F.R. §§ 1.71 and 23.605. For the purposes of, and to the extent subject to, Section 15F(j) of SEA and any Securities and Exchange Commission (“SEC”) rule thereunder, if this communication relates to one or more SBS, this is a solicitation to enter into an SBS and not “research or analysis of the price or market” for an SBS. This communication should not be construed as a recommendation or opinion with respect to any derivative or trading strategy involving a derivative for purposes of CFTC Regulations Part 23 or the CEA or for the purposes of SEC Regulations Part 240 or the SEA.
Swap products subject to the CEA and SBS products subject to the SEA are transacted through and offered out of Wells Fargo Bank, N.A. (“WFBNA”) and physically-settled commodities may be transacted through and offered out of Wells Fargo Commodities, LLC or WFBNA. To the extent any affiliate of WFBNA engages in swap or SBS activities, it does so for the purposes of hedging its own commercial risks or does so in a non-dealing capacity. Other than WFBNA, no subsidiaries of Wells Fargo & Company are in the business of making markets in swaps or SBS, engaging in transactions for the purposes of providing liquidity, or accommodating a market participant’s demand for swaps subject to the CEA or SBS subject to the SEA. Swap and SBS clearing services are offered by Wells Fargo Securities, LLC.
If you are a “Special Entity” within the meaning of 17 C.F.R. §23.401(c) and 17 C.F.R. § 240.15Fh-2(d), you are hereby notified that this communication does not constitute, is not intended to be and should not be interpreted as an expression of an opinion within the meaning of 17 C.F.R. §23.440 by any person on behalf of Wells Fargo & Company and its subsidiaries as to whether you should enter into any swap or SBS or trading strategy involving a swap or SBS.
Neither the sender, WFBNA nor Wells Fargo Securities, LLC is acting as a municipal advisor and this communication is not intended to be, and does not constitute, advice within the meaning of Section 15B of the SEA. The sender of this communication does not provide investment advice or recommendations with respect to bond proceeds except as permitted by available exemptions.
Any market price, indicative value, estimate, view, opinion, data or other information in this communication is not warranted as to completeness or accuracy, is subject to change without notice, and CIB accepts no liability for its use or to update or keep it current.
Any views or opinions expressed in this communication are not necessarily those of CIB. CIB or its affiliates may provide views or opinions that differ from those expressed in this communication and also may from time to time acquire, hold or sell a position in the securities or financial products mentioned herein. Expressions of opinion, including any attachments, contained herein are given in good faith, but are subject to change without notice. CIB may provide advice or loans to or participate in the underwriting or restructuring of the obligations of, the legal entities mentioned herein. CIB personnel may have acted on the basis of this communication and as such the communication may conflict with your interests.
Certain business lines within CIB are required to retain certain electronic messages, which may be produced at the request of regulators or in connection with litigation. There is a risk that information contained in electronic messages may be modified, tampered with or corrupted. The accuracy or completeness of the information in this communication is not guaranteed by CIB, nor does CIB assume any liability for any loss which may result from reliance thereon. You should consult your own advisors for opinions on whether to enter into any transaction or trading strategy.
To the extent this communication contains information pertaining to Exchange Traded Products (“ETPs”) (e.g., Exchange Traded Funds and Exchange Traded Notes), note that the prospectus in the registration statement and other documents the issuer has filed with the SEC are available on the SEC website or by contacting your CIB representative. Carefully read the prospectus which contains more complete and important information about the ETP prior to making an investment. Investment objectives, risks, and charges and expenses of the ETPs, among other factors, should be carefully considered before investing.
ETPs are: (i) redeemable only in creation unit size aggregations and may not be individually redeemed; (ii) are redeemable only through Authorized Participants who have entered into agreements by which they are able to engage in creation and redemption activities; and (iii) are redeemable on an "in-kind" basis. The public trading price of a redeemable lot of the ETPs may be different from its net asset value. These ETPs can trade at a discount or premium to the net asset value. There is always a fundamental risk of declining stock prices, which can cause losses to your ETP investment.
Prior to entering into a transaction in leveraged or inverse ETPs or ETPs that are linked to commodity futures, you should be aware of the general risks associated with such transactions. You should not enter into such transaction unless you understand the nature and extent of your risk exposure and the transaction is appropriate for you in light of your circumstances and financial condition.
Structured products, options, futures and other derivatives are complex instruments, may involve a high degree of risk, and may be appropriate investments only for sophisticated investors who are capable of understanding and assuming the risks involved. For further information on the risks involved with various option strategies, please consult the Options Clearing Corporations Characteristics and Risks of Standardized Options.
Any securities or instruments described in this communication are not deposits or savings accounts of WFBNA, unless otherwise expressly stated, and are not insured by Federal Deposit Insurance Corporation, Canada Deposit Insurance Corporation or any other governmental agency or instrumentality.
The sender of this communication does not act as a Municipal Advisor and does not provide investment advice or recommendations with respect to bond proceeds except as permitted by available exemptions.
CIB and Wells Fargo Securities are trade names for the corporate banking, capital markets and investment banking services of Wells Fargo & Company and its subsidiaries, including but not limited to Wells Fargo Securities, LLC, a U.S. broker-dealer registered with the SEC and a member of NYSE, FINRA, NFA and SIPC, Wells Fargo Prime Services, LLC, a U.S. broker-dealer registered with the SEC and a member of FINRA, NFA and SIPC, Wells Fargo Securities Canada, Ltd., Member – Canadian Investor Protection Fund, Wells Fargo Securities Europe S.A. authorised by the Autorité de contrôle prudentiel et de résolution (ACPR) and regulated by the Autorité des marchés financiers (AMF), Wells Fargo Securities International Limited (authorized and regulated by the UK FCA) and Wells Fargo Bank N.A., London Branch (authorized by the UK PRA and subject to regulation by the UK FCA and limited regulation by the UK PRA), and Wells Fargo Bank, N.A, a swap dealer provisionally registered with the CFTC, a member of NFA, and a security-based swap dealer conditionally registered with the SEC. Not all financial products offered under this trade name are securities, and unless otherwise expressly stated, financial products are not bank deposits or FDIC insured. Wells Fargo Securities, LLC, Wells Fargo Prime Services, LLC, Wells Fargo Securities Canada, Ltd., Wells Fargo Securities Europe S.A. and Wells Fargo Securities International Limited are distinct entities from affiliated banks and thrifts.
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