08 July 2020 Important notice on Credit Suisse's VelocityShares™ ETNs |
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Following our earlier announcement on 30 June 2020 regarding the expected delisting and redemption of Credit Suisse's VelocityShares™ ETNs and its move to the OTC Bulletin Board (OTCBB), please note that our US broker will no longer be accepting any new purchases of the following ETNs with immediate effect from 7 July 2020. UGLDF | |||||||||||||||||||||||||||||||||||||||||||
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30 June 2020 Update on the Expected Delisting of Credit Suisse’s VelocityShares™ ETNs |
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The Apex Clearing Corporation (“Apex”) has an important notice regarding the expected delisting of Credit Suisse Velocity Shares Exchange-Traded Notes.
Credit Suisse AG anticipates that the NYSE ETNs will continue to trade on NYSE Arca between now and Friday, July 10, 2020 and the NASDAQ ETNs will continue to trade on the NASDAQ Stock Market between now and Thursday, July 2, 2020. The delisting of the ETNs will become effective on Sunday, July 12, 2020. In addition, Credit Suisse AG suspended further issuances of the NYSE ETNs on Monday, June 22, 2020, and will suspend further issuances of the NASDQA ETNs effective Friday, July 3, 2020. According to Credit Suisse AG, 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. If investors wish to exercise their early redemption right, they and their broker must follow the procedures set forth in the Pricing Supplement, which can be accessed on the Securities and Exchange Commission website at www.sec.gov as follows: - https://www.sec.gov/Archives/edgar/data/1053092/000095010320012007/dp130570_424b2-vlsetn1vixa63.htm - https://www.sec.gov/Archives/edgar/data/1053092/000095010320012009/dp130575_424b2-vlsetn2a28.htm - https://www.sec.gov/Archives/edgar/data/1053092/000095010320012010/dp130569_424b2-vlsetn3a54.htm |
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23 June 2020 Credit Suisse AG Announces Its Intent To Delist And Suspend Further Issuances Of Its VelocityShares™ ETNs |
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Credit Suisse AG has announced the delisting and suspension of its VelocityShares ETNs.
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23 April 2020 Direxion reverse splits of 12 ETFs effective 23 April 2020 |
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Direxion has announced it will execute a reverse split of the issued and outstanding shares of twelve ETFs (each, a "Fund" and collectively, the "Funds").
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06 April 2020 Additional Cautionary Note with holding and trading of Leveraged Products |
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Information source from Credit Suisse: Credit Suisse cautioned investors on Friday that buying a leveraged exchange-traded note sponsored by the bank could result in complete loss of their original investment. The investment bank said that VelocityShares 3x Inverse Crude ETN linked to the S&P GSCI Crude Oil Index Excess Return DWTIF, -58.33%, which trades on the over-the-counter, or OTC, has fallen below an indicative value of $0, as of April 2, 2020. Credit Suisse said that purchases of the ETN after that date "will likely suffer a complete loss of their investment." The ETN tries to deliver triple the daily inverse returns of the S&P GSCI Crude Oil Index, but has been hammered by wild moves in crude oil in recent days. On Friday, battered crude-oil prices CL.1, +2.32% were up 9.64% at $27.76 a barrel on the New York Mercantile Exchange after surging 24.7% on Thursday. The VelocityShares web site indicates that the ETN is intended for "sophisticated investors to manage daily trading risks using a short-term investment." |
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30 Mar 2020 Important Announcement on trading of US ETF and ETN |
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The sponsors of ProShares and Direxion announced recently that they will be liquidating and closing a number of their ETFs. Given that this could be an increasing trend with leveraged ETFs in the near future, it is extremely important that clients monitor and keep up to date with the news surrounding the ETF and their sponsors. For those ETFs that have halted trading and are now in liquidation mode, please note that the potential for unexpected losses still exist, even if the ultimate outcome to clients is still unknown and will only be known when liquidation and distribution/redemptions are made within the next week. Kindly refer to the PDF for more information here. |
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