NEW
YORK, Oct. 19, 2023 /PRNewswire/
-- Credit Suisse AG ("Credit Suisse") announced today that
it will exercise its right to accelerate, at its option, the
following VelocitySharesTM Exchange Traded Notes: UGAZF,
UGLDF, USLVF, DGLDF, DSLVF, ZIVZF, VIIXF and TVIXF (the "ETNs").
The acceleration date for UGAZF, UGLDF, USLVF, DGLDF and DSLVF is
expected to be November 1, 2023. The
acceleration date for ZIVZF, VIIXF and TVIXF is expected to be
October 31, 2023.
The ETNs were delisted from their primary listing exchanges in
July 2020. Concurrent with such
delistings, Credit Suisse also suspended further issuances of the
ETNs. Following the delisting from such exchanges, the ETNs traded
on an over-the-counter basis.
As described in the related pricing supplements for the ETNs,
Credit Suisse, as the issuer of the ETNs, may at its option
accelerate all issued and outstanding ETNs of each series. Credit
Suisse will exercise this right with respect to the ETNs by
delivering a notice of optional acceleration via the Depository
Trust Company on October 19,
2023.
|
Title of
ETN
|
ETN
Symbol
|
ETN
CUSIP
|
|
VelocityShares 3x Long
Natural Gas ETNs linked to the S&P GSCI Natural Gas Index ER
due February 9, 2032
|
UGAZF
|
22539T183
|
|
VelocityShares 3x Long
Gold ETNs linked to the S&P GSCI Gold Index ER due October 14,
2031
|
UGLDF
|
22542D316
|
|
VelocityShares 3x Long
Silver ETNs linked to the S&P GSCI Silver Index ER due October
14, 2031
|
USLVF
|
22542D290
|
|
VelocityShares 3x
Inverse Gold ETNs linked to the S&P GSCI Gold Index ER due
October 14, 2031
|
DGLDF
|
22542D670
|
|
VelocityShares 3x
Inverse Silver ETNs linked to the S&P GSCI Silver Index ER due
October 14, 2031
|
DSLVF
|
22542D654
|
|
VelocityShares Daily
Inverse VIX Medium Term ETNs linked to the S&P 500 VIX Mid-Term
Futures Index due December 4, 2030
|
ZIVZF
|
22542D829
|
|
VelocityShares VIX
Short Term ETNs linked to the S&P 500 VIX Short-Term Futures
Index due December 4, 2030
|
VIIXF
|
22542D266
|
|
VelocityShares Daily 2x
VIX Short Term ETNs linked to the S&P 500 VIX Short-Term
Futures Index due December 4, 2030
|
TVIXF
|
22542D258
|
On the acceleration date listed in the table below, investors in
the following ETNs will receive a cash payment per ETN equal to the
arithmetic average of the relevant ETN's closing indicative values
("CIV") during the five-trading-day accelerated valuation
period.
|
ETN
Symbol
|
Accelerated
Valuation Period
|
Acceleration
Date
|
|
UGAZF
|
October 23, 2023 to
October 27, 2023
|
November 1,
2023
|
|
UGLDF
|
October 23, 2023 to
October 27, 2023
|
November 1,
2023
|
|
USLVF
|
October 23, 2023 to
October 27, 2023
|
November 1,
2023
|
|
DGLDF
|
October 23, 2023 to
October 27, 2023
|
November 1,
2023
|
|
DSLVF
|
October 23, 2023 to
October 27, 2023
|
November 1,
2023
|
On the acceleration date listed in the table below, investors in
the following ETNs will receive a cash payment per ETN equal to the
relevant ETN's CIV on the accelerated valuation date.
|
ETN
Symbol
|
Accelerated
Valuation Date
|
Acceleration
Date
|
|
ZIVZF
|
October 26,
2023
|
October 31,
2023
|
|
VIIXF
|
October 26,
2023
|
October 31,
2023
|
|
TVIXF
|
October 26,
2023
|
October 31,
2023
|
The CIV of an ETN, which is used to determine the amount of the
cash payment upon acceleration of the ETN, is not the same as the
trading price of the ETN. Each ETN's CIV is published under
the Bloomberg symbol listed in the table below or can be found on
the VelocityShares website at
http://www.velocityshares.com/etns/.
|
ETN
Symbol
|
Bloomberg
CIV
Symbol
|
|
UGAZF
|
UGAZIV
|
|
UGLDF
|
UGLDIV
|
|
USLVF
|
USLVIV
|
|
DGLDF
|
DGLDIV
|
|
DSLVF
|
DSLVIV
|
|
ZIVZF
|
ZIVIV
|
|
VIIXF
|
VIIXIV
|
|
TVIXF
|
TVIXIV
|
For more information about the accelerated redemption amount for
the ETNs, see "Key Terms— Acceleration at Our Option or Upon
Acceleration Event" in the relevant pricing supplement. The
relevant ETN pricing supplement can be accessed on the SEC website
at www.sec.gov or by clicking on the hyperlinks below.
UGAZF:
https://www.sec.gov/Archives/edgar/data/1053092/000095010320012010/dp130569_424b2-vlsetn3a54.htm
UGLDF, USLVF, DGLDF and DSLVF:
https://www.sec.gov/Archives/edgar/data/1053092/000095010320012009/dp130575_424b2-vlsetn2a28.htm
ZIVZF, VIIXF and TVIXF:
https://www.sec.gov/Archives/edgar/data/1053092/000095010320012007/dp130570_424b2-vlsetn1vixa63.htm
Investors who buy the ETNs at any time for an amount that is
greater than the cash amount due upon acceleration of the relevant
ETNs (including paying any premium to such cash amount) will suffer
a loss on their investment. Furthermore, investors who sell the
ETNs at any time for an amount that is less than the cash amount
due upon acceleration of the relevant ETNs (including selling at
any discount to such cash amount) will suffer a loss. Any loss
could be significant. Investors will not receive any compensation
for the loss of the investment opportunity of holding the ETNs, and
investors may be unable to invest in other securities with a
similar level of risk and/or that provide a similar investment
opportunity as the ETNs. For more information , see "Risk Factors"
in the applicable pricing supplement.
None of the other ETNs issued by Credit Suisse are affected by
this announcement. All dates referenced above are subject to
change, including postponement due to certain events.
Press Contact
Vanita
Sehgal, Credit Suisse, vanita.sehgal@credit-suisse.com
Credit Suisse ETNs
Telephone: +1 800 320 1225, Email:
ETN.Desk@credit-suisse.com
Copyright © 2023, CREDIT SUISSE and/or its affiliates. All
rights reserved.
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SOURCE Credit Suisse AG
