Credit Suisse adjusts caps for three series of VelocityShares VIX ETNs

By Marisa Wong

Morgantown, W.Va., June 11 – Credit Suisse AG, Nassau Branch updated the maximum amounts of three series of VelocityShares exchange-traded notes due Dec. 4, 2030, which are linked either to the S&P 500 VIX Short-Term Futures index or the S&P 500 VIX Mid-Term Futures index, according to a 424B2 filing with the Securities and Exchange Commission.

The amount of VelocityShares Daily Inverse VIX Medium Term ETNs linked to the Mid-Term Futures index (NYSE Arca: ZIV, Cusip: 22542D829) was decreased to $29,875,000, or 2.39 million notes with a par amount of $12.50 each, from $33 million. As of June 1, there were 1,783,000 ETNs, or $22,287,500 principal amount, issued and outstanding.

The amount of VelocityShares VIX Short Term ETNs linked to the Short-Term Futures index (NYSE Arca: VIIX, Cusip: 22542D365) was decreased to $9.25 billion, or 1.85 million notes with a par amount of $5,000 each, from $10 billion. As of June 1, there were 584,190 ETNs, or $2,920,950,000 principal amount, issued and outstanding.

The amount of VelocityShares Daily 2x VIX Short Term ETNs linked to the Short-Term Futures index (NYSE Arca: TVIX, Cusip: 22542D332, changed from 22542D357) is now $797.5 quadrillion, or 3.19 million notes with a par amount of $250 million each. A 1-for-10 reverse split was recently implemented for these notes. The cap was previously 70 million notes with a par amount of $25 million each, for a maximum amount of $1.75 quadrillion. As of June 1, there were 95,283,550 ETNs with a $25 million face value each, or $2,382,088,750,000,000 principal amount, issued and outstanding.

The amount of VelocityShares VIX Medium Term ETNs linked to the Mid-Term Futures index (NYSE Arca: VIIZ, Cusip: 22542D324, changed from 22542D787) remains at $47.5 million, or 47,500 notes with a par amount of $1,000 each. A 1-for-10 reverse split was recently implemented for these notes. The cap was previously 475,000 notes with a par amount of $100 each, for a maximum amount of $47.5 million. As of June 1, there were 115,000 ETNs with a $100 face value each, or $11.5 million principal amount, issued and outstanding.

The amount of VelocityShares Daily 2x VIX Medium Term ETNs linked to the Mid-Term Futures index (NYSE Arca: TVIZ, Cusip: 22542D340) remains at $10 billion, or 2 million notes with a par amount of $5,000 each. As of June 1, there were 507,900 ETNs, or $2,539,500,000 principal amount, issued and outstanding.

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