Credit Suisse suspends further issuances of nine VelocityShares ETNs

By Marisa Wong

Los Angeles, June 22 – Credit Suisse AG announced it intends to delist and suspend further issuances of nine series of exchange-traded notes.

The following ETNs are affected:

• VelocityShares 3x Long Gold ETNs linked to the S&P GSCI Gold Index ER due Oct. 14, 2031 (Nasdaq: UGLD, Cusip: 22542D316);

• VelocityShares 3x Long Silver ETNs linked to the S&P GSCI Silver Index ER due Oct. 14, 2031 (Nasdaq: USLV, Cusip: 22542D290);

• VelocityShares 3x Inverse Gold ETNs linked to the S&P GSCI Gold Index ER due Oct. 14, 2031 (Nasdaq: DGLD, Cusip: 22542D670);

• VelocityShares 3x Inverse Silver ETNs linked to the S&P GSCI Silver Index ER due Oct. 14, 2031 (Nasdaq: DSLV, Cusip: 22542D654)

• VelocityShares 3x Long Natural Gas ETNs linked to the S&P GSCI Natural Gas Index ER due Feb. 9, 2032 (NYSE Arca: UGAZ, Cusip: 22539T183);

• VelocityShares 3x Inverse Natural Gas ETNs linked to the S&P GSCI Natural Gas Index ER due Feb. 9, 2032 (NYSE Arca: DGAZ, Cusip: 22542D282);

• VelocityShares Daily Inverse VIX Medium Term ETNs linked to the S&P 500 VIX Mid-Term Futures index due Dec. 4, 2030 (Nasdaq: ZIV, Cusip: 22542D829);

• VelocityShares VIX Short Term ETNs linked to the S&P 500 VIX Short-Term Futures index due Dec. 4, 2030 (Nasdaq: VIIX, Cusip: 22542D266); and

• VelocityShares Daily 2x VIX Short Term ETNs linked to the S&P 500 VIX Short-Term Futures index due Dec. 4, 2030 (Nasdaq: TVIX, Cusip: 22542D258).

According to a Monday press release, Credit Suisse has decided to delist the foregoing ETNs to better align its product suite with its broader strategic growth plans.

Credit Suisse anticipates that the Nasdaq ETNs will continue to trade up to and including July 2, and the NYSE ETNs will continue to trade up to and including July 10.

Delisting of the ETNs will become effective on July 12.

In addition, Credit Suisse said it will suspend further issuances of the NYSE ETNs effective June 22 and suspend further issuances of the Nasdaq ETNs effective July 3.

Following their delisting, the ETNs will remain outstanding, though they will no longer trade on any national securities exchange. The ETNs may trade, if at all, on an over-the-counter basis.

Although it is not currently accelerating the ETNs at its option, Credit Suisse said it continues to have the right to do so and may choose to accelerate the ETNs at its option in the future.

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