Credit Suisse increases caps for two VelocityShares Natural Gas ETNs

By Marisa Wong

Morgantown, W.Va., Feb. 16 – Credit Suisse AG, Nassau Branch updated the maximum amounts of two series of VelocityShares exchange-traded notes due Feb. 9, 2032 linked to the S&P GSCI Natural Gas Index Excess Return, according to a 424B2 filing with the Securities and Exchange Commission.

The maximum amount of VelocityShares 3x Long Natural Gas ETNs (NYSE Arca: UGAZ, Cusip: 22539T217) is now $1,818,125,000,000, or 29.09 million notes with a par amount of $62,500 each.

The maximum number of VelocityShares 3x Inverse Natural Gas ETNs (NYSE Arca: DGAZ, Cusip: 22542D373) is now $13,781,250,000, or 55,125,000 notes with a par amount of $250 each.

The maximum amounts were increased from $1,069,687,500,000 and $8,512,500,000, respectively, as set according to a pricing supplement dated Dec. 20.

As of Feb. 7, there were issued and outstanding $468,106,250,000 of the long natural gas ETNs and $2,011,250,000 of the inverse natural gas ETNs.

As previously reported, Credit Suisse implemented a 1-for-10 reverse split of its long natural gas ETNs, effective Dec. 20. Before then, the par amount for those notes was $6,250.

Following the reverse split, the Cusip number for the ETNs was changed to 22539T217 from 22539T324.

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