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
USLVF
DGLDF
DSLVF
UGAZ
DGAZ
ZIVZF
VIIXF
TVIXF

The Apex Clearing Corporation (“Apex”) has an important notice regarding the expected delisting of Credit Suisse Velocity Shares Exchange-Traded Notes.

ETN	Ticker	Exchange	CUSIP
VelocityShares™ 3x Long Gold ETNs linked to the S&P GSCI® Gold Index ER due October 14, 2031	UGLD	NASDAQ	22542D316
VelocityShares™ 3x Long Silver ETNs linked to the S&P GSCI® Silver Index ER due October 14, 2031	USLV	NASDAQ	22542D290
VelocityShares™ 3x Inverse Gold ETNs linked to the S&P GSCI® Gold Index ER due October 14, 2031	DGLD	NASDAQ	22542D670
VelocityShares™ 3x Inverse Silver ETNs linked to the S&P GSCI® Silver Index ER due October 14, 2031	DSLV	NASDAQ	22542D654
VelocityShares™ 3x Long Natural Gas ETNs linked to the S&P GSCI® Natural Gas Index ER due February 9, 2032	UGAZ	NYSE Arca	22539T183
VelocityShares™ 3x Inverse Natural Gas ETNs linked to the S&P GSCI® Natural Gas Index ER due February 9, 2032	DGAZ	NYSE Arca	22542D282
VelocityShares™ Daily Inverse VIX Medium Term ETNs linked to the S&P 500 VIX Mid-Term Futures™ Index due December 4, 2030	ZIV	NASDAQ	22542D829
VelocityShares™ VIX Short Term ETNs linked to the S&P 500 VIX Short-Term Futures™ Index due December 4, 2030	VIIX	NASDAQ	22542D266
VelocityShares™ Daily 2x VIX Short Term ETNs linked to the S&P 500 VIX Short-Term Futures™ Index due December 4, 2030	TVIX	NASDAQ	22542D258

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

Credit Suisse AG has announced the delisting and suspension of its VelocityShares ETNs.

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ETN	Ticker	Exchange	CUSIP
VelocitySharesTM 3x Long Gold ETNs linked to the S&P GSCI® Gold Index ER due October 14, 2031	UGLD	The Nasdaq Stock Market	22542D316
VelocitySharesTM 3x Long Silver ETNs linked to the S&P GSCI® Silver Index ER due October 14, 2031	USLV	The Nasdaq Stock Market	22542D290
VelocitySharesTM 3x Inverse Gold ETNs linked to the S&P GSCI® Gold Index ER due October 14, 2031	DGLD	The Nasdaq Stock Market	22542D670
VelocitySharesTM 3x Inverse Silver ETNs linked to the S&P GSCI® Silver Index ER due October 14, 2031	DSLV	The Nasdaq Stock Market	22542D654
VelocitySharesTM 3x Long Natural Gas ETNs linked to the S&P GSCI® Natural Gas Index ER due February 9, 2032	UGAZ	NYSE Arca	22539T183
VelocitySharesTM 3x Inverse Natural Gas ETNs linked to the S&P GSCI® Natural Gas Index ER due February 9, 2032	DGAZ	NYSE Arca	22542D282
VelocityShares™ Daily Inverse VIX Medium Term ETNs linked to the S&P 500 VIX Mid-Term Futures™ Index due December 4, 2030	ZIV	The Nasdaq Stock Market	22542D829
VelocityShares™ VIX Short Term ETNs linked to the S&P 500 VIX Short-Term Futures™ Index due December 4, 2030	VIIX	The Nasdaq Stock Market	22542D266
VelocityShares™ Daily 2x VIX Short Term ETNs linked to the S&P 500 VIX Short-Term Futures™ Index due December 4, 2030	TVIX	The Nasdaq Stock Market	22542D258

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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The total market value of the shares outstanding will not be affected as a result of these splits, except with respect to the redemption of fractional shares, as outlined below.

After the close of the markets on April 22, 2020, each Fund will affect reverse splits of its issued and outstanding shares as follows:

Fund Name	Reverse Split Ratio	Approximate decrease in total number of outstanding shares
Direxion Daily MSCI Brazil Bull 2X Shares	1 for 35	97%
Direxion Daily Junior Gold Miners Index Bear 2X Shares	1 for 25	96%
Direxion Daily Gold Miners Index Bear 2X Shares	1 for 25	96%
Direxion Daily Technology Bear 3X Shares	1 for 10	90%
Direxion Daily Regional Banks Bull 3X Shares	1 for 10	90%
Direxion Daily S&P 500® High Beta Bull 3X Shares	1 for 10	90%
Direxion Daily 20+ Year Treasury Bear 3X Shares	1 for 10	90%
Direxion Daily Junior Gold Miners Index Bull 3X Shares	1 for 10	90%
Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 3X Shares	1 for 10	90%
Direxion Daily Retail Bull 3X Shares	1 for 10	90%
Direxion Daily Junior Gold Miners Index Bull 3X Shares	1 for 10	90%
Direxion Zacks MLP High Income Index Shares	1 for 8	88%
Direxion Daily Gold Miners Index Bull 3X Share	1 for 5	80%

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."

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.