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Credit Suisse adjusts caps for two series of VelocityShares VIX ETNs
By Marisa Wong
Morgantown, W.Va., Aug. 10 – Credit Suisse AG, Nassau Branch updated the maximum amounts of two series of VelocityShares exchange-traded notes due Dec. 4, 2030, one of which is linked to the S&P 500 VIX Mid-Term Futures index and one of which is linked to the S&P 500 VIX Short-Term Futures index, according to a 424B2 filing with the Securities and Exchange Commission.
The amount of VelocityShares Daily Inverse VIX Medium Term ETNs linked to the Mid-Term Futures index (NYSE Arca: ZIV, Cusip: 22542D829) was decreased to $29,562,500, or 2,365,000 notes with a par amount of $12.50 each, from $30.5 million. As of Aug. 7, there were 1,743,000 ETNs, or $21,787,500 principal amount, issued and outstanding.
The amount of VelocityShares Daily 2x VIX Short Term ETNs linked to the Short-Term Futures index (NYSE Arca: TVIX, Cusip: 22542D332) was increased to $10,212,500,000,000,000, or 40.85 million notes with a par amount of $250 million each, from $1,325,000,000,000,000. As of Aug. 7, there were 12,428,310 ETNs, or $3,107,077,500,000,000 principal amount, issued and outstanding.
The amount of VelocityShares VIX Short Term ETNs linked to the Short-Term Futures index (NYSE Arca: VIIX, Cusip: 22542D365) remains at $10,125,000,000, or 2,025,000 notes with a par amount of $5,000 each. As of Aug. 7, there were 909,190 ETNs, or $4,545,950,000 principal amount, issued and outstanding.
As announced on July 23, Credit Suisse will accelerate all of its VelocityShares VIX Medium Term ETNs linked to the Mid-Term Futures index (NYSE Arca: VIIZ, Cusip: 22542D324) and VelocityShares Daily 2x VIX Medium Term ETNs linked to the Mid-Term Futures index (NYSE Arca: TVIZ, Cusip: 22542D340) and will no longer issue new ETNs.
As of Aug. 7, there were 111,490 Long VIX Medium Term ETNs, or $111.49 million principal amount, issued and outstanding and 207,900 2x Long VIX Medium Term ETNs, or $1,039,500,000 principal amount, issued and outstanding.
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