VelocityShares is pulling the plug on four of its commodity related exchange traded notes (“ETNs”). Thursday, December 26, will be the last day of trading for VelocityShares 3x Long Brent Crude Oil ETN (UOIL), VelocityShares 3x Inverse Brent Crude Oil ETN (DOIL), VelocityShares 2x Long Platinum ETN (LPLT), and VelocityShares 2x Inverse Platinum ETN (IPLT).
The ETNs are issued by Credit Suisse and are undergoing the “acceleration for early redemption” process as defined in the pricing supplement (pdf). As such, the final valuations will be determined by the average closing indicative value for the five business days encompassing December 17 to December 23.
All four are members of ETF Deathwatch. The two platinum products have asset levels of $4.3 million for LPLT and $5.8 million for IPLT. Asset levels for the Brent oil products are well below $1 million each.
Disclosure covering writer, editor, and publisher: No positions in any of the securities mentioned. No positions in any of the companies or ETF sponsors mentioned. No income, revenue, or other compensation (either directly or indirectly) received from, or on behalf of, any of the companies or ETF sponsors mentioned.