NEW YORK, Sept. 15, 2017 /PRNewswire/ -- Credit Suisse
today announced the launch of its
AxelaTrader™ 3x Long Brent Crude Oil
ETNs linked to the S&P GSCI® Brent Crude Oil ER
and its AxelaTrader™ 3x Inverse Brent
Crude Oil ETNs linked to the S&P GSCI® Brent Crude
Oil ER (the "ETNs"), which Credit Suisse intends to list on the
NYSE Arca under the ticker symbols "UBRT" and "DBRT,"
respectively, and which are eligible to begin trading
today.
ETNs Profile
|
UBRT
|
DBRT
|
Issuer
|
Credit Suisse
AG
|
Credit Suisse
AG
|
Index (Bloomberg
Ticker)
|
S&P
GSCI® Brent Crude Oil ER
(SPGSBRP)
|
S&P
GSCI® Brent Crude Oil ER (
SPGSBRP)
|
Inception
Date
|
9/14/2017
|
9/14/2017
|
Maturity
Date
|
9/14/2037
|
9/14/2037
|
Primary
Exchange2
|
NYSE Arca
|
NYSE Arca
|
Leverage
Amount
|
300%
|
-300%
|
Leverage
Reset
|
Daily
|
Daily
|
Investor Fee
Factor1
|
1.35%
|
1.65%
|
CUSIP
|
22539T258
|
22539T241
|
|
1 The
Investor Fee Factor is used to calculate the ETNs' Daily Investor
Fee. In addition to the Daily Investor Fee, you will incur an
Early Redemption Charge if your ETNs are redeemed directly with
Credit Suisse AG. Please see the Pricing Supplement for a
description of fees and charges associated with the ETNs.
Please consult your financial advisor to learn more about the costs
associated with the purchase or sale of the ETNs in the secondary
market.
2 We
have no obligation to maintain any listing on NYSE Arca or on any
other exchange or quotation system. Under certain circumstances,
the ETNs may be subject to delisting by the NYSE Arca. We do not
intend to list the ETNs on any other exchange.
|
"Brent crude oil is used as a benchmark to price roughly
two-thirds of the crude oil supply traded in the world, but
investors seeking exposure to Brent crude oil through an
exchange-traded security have very limited options," said
Paul Somma, head of Exchange Traded
Notes at Credit Suisse. "These ETNs provide a way for sophisticated
investors to implement innovative short-term trading and hedging
strategies based on the ETNs' leveraged exposure to Brent crude oil
futures contracts."
About the ETNs and the Index
The ETNs seek to provide a 3x leveraged long or 3x leveraged
inverse return, as applicable, based on the daily performance of
the S&P GSCI® Brent Crude ER (the "Index")
(as adjusted for fees). The ETNs do not attempt to, and
should not be expected to, provide returns that reflect 3-to-1
positive or inverse leverage on the return of the Index for periods
longer than a single day. The ETNs rebalance their theoretical
exposure on a daily basis, increasing exposure in response to that
day's gains or reducing exposure in response to that day's losses.
The ETNs are intended to provide traders and similarly
sophisticated investors with an exchange traded security that
allows them to express their short-term market views on the
performance of Brent crude oil futures contracts composing the
Index. The Index tracks a hypothetical position in the
nearest-to-expiration ICE Futures Europe Brent crude oil futures
contract, where that position is rolled each month into the futures
contract expiring in the next month. The Index is calculated by
S&P Dow Jones Indices LLC and its levels are disseminated
real-time under the Bloomberg ticker symbol "SPGSBRP" and the
Reuters instrument code ".SPGSBRP".
More information on the ETNs can be found on:
www.credit-suisse.com/AxelaTraderETNs
Press Contact
Nicole
Sharp, Credit Suisse AG, telephone +1 212 325 8708,
nicole.sharp@credit-suisse.com
Azar Boehm, Credit Suisse AG,
telephone +1 212 538 3953, azar.boehm@credit-suisse.com
Credit Suisse ETNs
Telephone +1 800 320 1225,
ETN.Desk@credit-suisse.com
The ETNs are not intended to be "buy and hold"
investments. Instead, the ETNs are intended to be daily trading
tools for traders and similarly sophisticated investors to express
short-term market views and manage daily trading risks. The ETNs
are designed to achieve their stated investment objectives on a
daily basis, and, therefore, their performance over different
periods of time can differ significantly from their stated daily
objectives. The ETNs are considerably riskier than securities that
have intermediate or long-term investment objectives, and may not
be suitable for investors who plan to hold them for a period of
more than one day. Investors should actively and frequently monitor
their investments in the ETNs, on a daily or intraday basis, and
any decision to hold the ETNs for more than one day should be made
with great care and only as the result of a series of daily (or
more frequent) investment decisions to remain invested in the ETNs
for the next one-day period. If you hold the ETNs for more than
one day, it is possible that you will suffer significant
losses in the ETNs even if the performance of the Index over the
time you hold the ETNs is positive, in the case of UBRT, or
negative, in the case of DBRT. Accordingly, the ETNs should be
purchased only by sophisticated investors who understand the Index
(as defined below) and the consequences of investing in the ETNs
that are designed to provide exposure to three times (3x) or
negative three times (-3x), as applicable, the daily performance of
the Index.
The ETNs do not provide direct exposure to the spot price of
Brent crude oil. Because the Index is composed of Brent crude oil
futures contracts and does not track the spot price of Brent crude
oil, the Index and, in turn, the ETNs can be expected to perform
very differently from such spot price.
Investing in the ETNs involves significant risks. See the
section entitled "Risk Factors" beginning on PS-7 of the Pricing
Supplement.
Credit Suisse AG
Credit Suisse AG is one of the
world's leading financial services providers and is part of the
Credit Suisse group of companies (referred to here as 'Credit
Suisse'). As an integrated bank, Credit Suisse offers clients its
combined expertise in the areas of private banking, investment
banking and asset management. Credit Suisse provides advisory
services, comprehensive solutions and innovative products to
companies, institutional clients and high-net-worth private clients
globally, as well as to retail clients in Switzerland. Credit Suisse is headquartered in
Zurich and operates in over 50
countries worldwide. The group employs approximately 46,230 people.
The registered shares (CSGN) of Credit Suisse's parent company,
Credit Suisse Group AG, are listed in Switzerland and, in the form of American
Depositary Shares (CS), in New
York. Further information about Credit Suisse can be found
at www.credit-suisse.com.
Credit Suisse has filed a registration statement (including
prospectus supplement and prospectus) with the Securities and
Exchange Commission (the "SEC"), for the offering of securities.
Before you invest, you should read the applicable Pricing
Supplement, the Prospectus Supplement dated June 30, 2017 and Prospectus dated June 30, 2017, to understand fully the terms of
the ETNs and other considerations that are important in making a
decision about investing in the ETNs. You may get these documents
without cost by visiting EDGAR on the SEC website at www.sec.gov.
Alternatively, Credit Suisse, Credit Suisse Securities
(USA) LLC, or any agent or dealer
participating in an offering will arrange to send you the
applicable Pricing Supplement, Prospectus Supplement and Prospectus
if you so request by calling +1 800 320 1225.
The ETNs' Pricing Supplement, including the Prospectus dated
June 30, 2017 and Prospectus
Supplement dated June 30, 2017:
https://notes.credit-suisse.com/api/DocFile/GetProspectus/UBRTandDBRT
You may access the Prospectus Supplement and Prospectus on the
SEC website at www.sec.gov or by clicking on the hyperlinks to each
of the respective documents incorporated by reference in the
Pricing Supplement.
AxelaTrader™ is a registered trademark
of Credit Suisse Securities (USA)
LLC.
Copyright © 2017, CREDIT SUISSE GROUP AG and/or its affiliates.
All rights reserved.
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SOURCE Credit Suisse AG