Citigroup discontinues two ETNs tied to S&P GSCI Crude Oil index

By Marisa Wong

Los Angeles, March 23 – Citigroup Global Markets Holdings Inc. announced it will discontinue “creations” of two series of exchange-traded notes linked to the S&P GSCI Crude Oil Index ER.

Citigroup will no longer issue additional ETNs in either series, and Citigroup Global Markets Inc. will no longer sell additional ETNs in those series, according to a press release.

As announced on March 19, Citigroup will accelerate the VelocityShares 3x Long Crude Oil ETNs (Cusip: 17325E291, NYSE Arca: UWT) and the VelocityShares 3x Inverse Crude Oil ETNs (Cusip: 17325E309, NYSE Arca: DWT).

The ETNs will be redeemed on April 3.

Holders will receive a cash payment per ETN in an amount equal to the closing indicative value of the respective series of ETNs on the final valuation date of the optional acceleration valuation period, which is the period of five consecutive index business days beginning on March 25 and ending on March 31.

The payment upon optional acceleration is based upon a declining exposure to the ETNs’ underlying index over the optional acceleration valuation period, as previously reported.

The ETNs are expected to continue trading until April 2.

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