19.10.2023 14:15:00

Credit Suisse Announces the Acceleration at its Option of its Previously Delisted VelocityShares™ ETNs

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.

Credit Suisse logo. (PRNewsFoto/Credit Suisse)

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 https://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

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