Credit Suisse AG announced today that it will implement a 10-for-1 split of its VelocityShares™ Daily Inverse VIX Short Term ETN linked to the S&P 500 VIX Short-Term Futures™ Index (traded on the NYSE Arca under ticker symbol XIV) and an 8-for-1 split of its VelocityShares™ Daily Inverse VIX Medium Term ETN linked to the S&P 500 VIX Mid-Term Futures™ Index (traded on the NYSE Arca under ticker symbol ZIV) effective Monday, June 27, 2011. On June 15, 2011, the closing indicative value of the XIV ETNs was $159.76 and the closing indicative value of the ZIV ETNs was $130.91.
The split will affect ETN trading denominations, but it will not have any effect on the principal amount of the underlying notes.
The record date for the split of each of the ETNs will be the close of business, New York time, on June 23, 2011. The payment date will be June 24, 2011. The closing indicative value of the XIV ETNs and the ZIV ETNs on June 24, 2011 will be divided by ten and eight, respectively, to determine the split-adjusted value of the ETNs on June 27, 2011. The split of each of the ETNs will be effective at the close of trading on June 24, 2011 and the ETNs will begin trading on the NYSE Arca on a split-adjusted basis on June 27, 2011.
About 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 50,100 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.
“Standard & Poor’s®“, “S&P®“, “S&P 500®“, “Standard & Poor’s 500™”, “S&P 500 VIX Short-Term Futures™” and “S&P 500 VIX Mid-Term Futures™” are trademarks of Standard & Poor’s Financial Services LLC (“S&P”) and have been licensed for use by Credit Suisse AG. “VIX” is a trademark of the Chicago Board Options Exchange, Incorporated (“CBOE”) and has been licensed for use by S&P. The ETNs are not sponsored, endorsed, sold or promoted by S&P or CBOE and S&P and CBOE make no representation regarding the advisability of investing in the ETNs.
VelocityShares, VelocityShares ETNs and the VelocityShares logo are service marks of VelocityShares, LLC.
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