Credit Suisse adjusts caps for MLP, FI, X-Links, VelocityShares ETNs

By Marisa Wong

Morgantown, W.Va., July 5 – Credit Suisse AG, Nassau Branch updated the offering amounts for its exchange-traded notes, according to amended 424B2 filings with the Securities and Exchange Commission.

The amount of Credit Suisse S&P MLP Index ETNs due Dec. 4, 2034 linked to the S&P MLP index (NYSE Arca: MLPO, Cusip: 22539T456) was adjusted from $2.5 million, or 100,000 notes with a par amount of $25 each. The maximum amount had previously been reduced from $1 billion. The newest cap was not available in the filing. As of June 22, there were 4,975,000 ETNs, or $124,375,000 principal amount, issued and outstanding.

The amount of Credit Suisse FI Enhanced Europe 50 ETNs due Sept. 10, 2018 linked to the Stoxx Europe 50 USD (Gross Return) index (NYSE Arca: FIEU, Cusip: 22542D100) was decreased to $30 million, or 300,000 notes with a par amount of $100 each, from $350 million. As of June 22, there were 2,333,900 ETNs, or $233.39 million principal amount, issued and outstanding.

The amount of Credit Suisse FI Large Cap Growth Enhanced ETNs due June 13, 2019 linked to the Russell 1000 Growth Index Total Return (NYSE Arca: FLGE, Cusip: 22542D423) was decreased to $100 million, or 1 million notes with a par amount of $100 each, from $200 million. As of June 22, there were 6,655,525 ETNs, or $665,552,500 principal amount, issued and outstanding.

The amount of VelocityShares 3x Long Natural Gas ETNs due Feb. 9, 2032 linked to the S&P GSCI Natural Gas Index Excess Return (NYSE Arca: UGAZ, Cusip: 22539T324) was decreased to $187.5 billion, or 30 million notes with a par amount of $6,250 each, from $602,531,250,000. As of June 22, there were 50,343,398 ETNs, or $314,646,237,500 principal amount, issued and outstanding.

The maximum amount of VelocityShares 3x Inverse Natural Gas ETNs due Feb. 9, 2032 linked to the S&P GSCI Natural Gas Index ER (NYSE Arca: DGAZ, Cusip: 22542D373) was decreased to $5 billion, or 20 million notes with a par amount of $250 each, from $7.45 billion. As of June 22, there were 5.1 million ETNs, or $1,275,000,000 principal amount, issued and outstanding.

The amount of VelocityShares 3x Long Gold ETNs due Oct. 14, 2031 linked to the S&P GSCI Gold Index ER (NYSE Arca: UGLD, Cusip: 22542D688) was decreased to $100 million, or 2 million notes with a par amount of $50 each, from $1 billion. As of June 22, there were 8,790,620 ETNs, or $439,531,000 principal amount, issued and outstanding.

The amount of VelocityShares 3x Long Silver ETNs due Oct. 14, 2031 linked to the S&P GSCI Silver Index ER (NYSE Arca: USLV, Cusip: 22539T597) was decreased to $7.5 billion, or 15 million notes with a par amount of $500 each, from $15 billion. As of June 22, there were 20,142,460 ETNs, or $10,071,230,000 principal amount – reflecting a 1-for-10 reverse split – issued and outstanding.

The maximum amount of VelocityShares 3x Inverse Gold ETNs due Oct. 14, 2031 linked to the S&P GSCI Gold Index ER (NYSE Arca: DGLD, Cusip: 22542D670) was decreased to $25 million, or 500,000 notes with a par amount of $50 each, from $100 million. As of June 22, there were 379,010 ETNs, or $18,950,500 principal amount, issued and outstanding.

The maximum amount of VelocityShares 3x Inverse Silver ETNs due Oct. 14, 2031 linked to the S&P GSCI Silver Index ER (NYSE Arca: DSLV, Cusip: 22542D654) was decreased to $100 million, or 2 million notes with a par amount of $50 each, from $250 million. As of June 22, there were 688,940 ETNs, or $34,447,000 principal amount, issued and outstanding.

The amount of VelocityShares Daily Inverse VIX Short Term ETNs due Dec. 4, 2030 linked to the S&P 500 VIX Short-Term Futures index (NYSE Arca: XIV, Cusip: 22542D795) was decreased to $50 million, or 5 million notes with a par amount of $10 each, from $2,658,000,000. As of June 22, there were 9,018,880 ETNs, or $90,188,800 principal amount, issued and outstanding.

The amount of VelocityShares Daily Inverse VIX Medium Term ETNs due Dec. 4, 2030 linked to the S&P 500 VIX Mid-Term Futures index (NYSE Arca: ZIV, Cusip: 22542D829) was increased to $12.5 million, or 1 million notes with a par amount of $12.50 each, from $11,249,875. As of June 22, there were 1,763,000 ETNs, or $22,037,500 principal amount, issued and outstanding.

The amount of VelocityShares VIX Short Term ETNs due Dec. 4, 2030 linked to the S&P 500 VIX Short-Term Futures index (NYSE Arca: VIIX, Cusip: 22542D365) was decreased to $2.5 billion, or 500,000 notes with a par amount of $5,000 each, from $3 billion. As of June 22, there were 584,190 ETNs, or $2,920,950,000 principal amount, issued and outstanding.

The maximum amount of VelocityShares VIX Medium Term ETNs due Dec. 4, 2030 linked to the S&P 500 VIX Mid-Term Futures index (NYSE Arca: VIIZ, Cusip: 22542D787) was decreased to $50 million, or 500,000 notes with a par amount of $100 each, from $90 million. As of June 22, there were 140,000 ETNs, or $14 million principal amount, issued and outstanding.

The maximum amount of VelocityShares Daily 2x VIX Short Term ETNs due Dec. 4, 2030 linked to the S&P 500 VIX Short-Term Futures index (NYSE Arca: TVIX, Cusip: 22542D357) was decreased to $250 trillion, or 10 million notes with a par amount of $25 million each, from $301,227,500,000,000. As of June 22, there were 9,233,590 ETNs, or $230,839,750,000,000 principal amount, issued and outstanding.

The maximum amount of VelocityShares Daily 2x VIX Medium Term ETNs due Dec. 4, 2030 linked to the S&P 500 VIX Mid-Term Futures index (NYSE Arca: TVIZ, Cusip: 22542D340) remains at $2.5 billion, or 500,000 notes with a par amount of $5,000 each. As of June 22, there were 132,900 ETNs, or $664.5 million principal amount, issued and outstanding.

The amount of Credit Suisse X-Links Crude Oil Shares Covered Call ETNs due April 24, 2037 linked to the Credit Suisse Nasdaq WTI Crude Oil Flows 106 index (NYSE Arca: USOI, Cusip: 22539T266) was decreased to $2.5 million, or 100,000 notes with a par amount of $25 each, from $25 million. As of June 22, there were 200,000 ETNs, or $5 million principal amount, issued and outstanding.

The amount of Credit Suisse X-Links WTI Crude Oil Index ETNs due Feb. 8, 2036 linked to the Bloomberg WTI Crude Oil Total Return subindex (NYSE Arca: OIIL, Cusip: 22539T332) was decreased to $2.5 million, or 100,000 notes with a par amount of $25 each, from $100 million. As of June 22, there were 1.05 million ETNs, or $25.25 million principal amount, issued and outstanding.

The amount of Credit Suisse X-Links Gold Shares Covered Call ETNs due Feb. 2, 2033 linked to the Credit Suisse Nasdaq Gold Flows 103 index (NYSE Arca: GLDI, Cusip: 22542D480) was decreased to $30 million, or 1.5 million notes with a par amount of $20 each, from $100 million. As of June 22, there were 5,750,100 ETNs, or $115,002,000 principal amount, issued and outstanding.

The amount of Credit Suisse X-Links Silver Shares Covered Call ETNs due April 21, 2033 linked to the Credit Suisse Nasdaq Silver Flows 106 index (NYSE Arca: SLVO, Cusip: 22542D449) was decreased to $30 million, or 1.5 million notes with a par amount of $20 each, from $60 million. As of June 22, there were 5,378,090 ETNs, or $107,561,800 principal amount, issued and outstanding.

The amount of Credit Suisse X-Links Monthly Pay 2xLeveraged Alerian MLP Index ETNs due May 16, 2036 linked to the Alerian MLP index (NYSE Arca: AMJL, Cusip: 22539T290) was decreased to $2.5 million, or 100,000 notes with a par amount of $25 each, from $100 million. As of June 22, there were 1 million ETNs, or $25 million principal amount, issued and outstanding.

The amount of Credit Suisse X-Links Monthly Pay 2xLeveraged Mortgage REIT ETNs due July 11, 2036 linked to the FTSE NAREIT All Mortgage Capped index (NYSE Arca: REML, Cusip: 22539T282) was decreased to $2.5 million, or 100,000 notes with a par amount of $25 each, from $100 million. As of June 22, there were 1 million ETNs, or $25 million principal amount, issued and outstanding.

The amount of Credit Suisse X-Links Multi-Asset High Income ETNs due Sept. 28, 2035 linked to the NYSE Multi-Asset High Income index (NYSE Arca: MLTI, Cusip: 22539T399) offered is $2.5 million, or 100,000 notes with a par amount of $25 each, according to an amended pricing supplement. The cap is unchanged from June 9, 2016. As of June 22, there were 250,000 ETNs, or $6.25 million principal amount, issued and outstanding, which is less than the $25 million outstanding as of June 3, 2016.

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