Citigroup Announces the Acceleration of Ten Series of ETNs
Citigroup Global Markets Holdings Inc. (CGMHI) announced the acceleration of ten series of exchange-traded notes (ETNs). Holders will receive a cash payment based on the indicative value on October 30, 2020, with payment expected on November 4, 2020. Following the close of trading on October 19, 2020, CGMHI will waive the minimum redemption amount and early redemption charge for the ETNs. The last trading day for these ETNs is set for October 30, 2020. Other ETNs issued by CGMHI remain unaffected by this announcement.
- Acceleration of ETNs may provide liquidity to investors.
- Waiving minimum redemption amounts and early redemption charges can benefit current holders.
- All ten accelerated ETNs will cease trading on October 30, 2020, potentially impacting holders' investment strategies.
NEW YORK--(BUSINESS WIRE)--Citigroup Global Markets Holdings Inc. (“CGMHI”) announced today that it will accelerate at its option, and in full, the ten series of exchange-traded notes listed in the table below (the “ETNs”).
ETN Name |
Exchange |
ETN Ticker |
CUSIP |
Underlying Index |
||||||||||
VelocityShares Daily 4X
|
NYSE Arca |
DJPY |
17326E654 |
VelocityShares Daily
|
||||||||||
VelocityShares Daily 4X
|
NYSE Arca |
DEUR |
17326E571 |
VelocityShares Daily
|
||||||||||
VelocityShares Daily 4X
|
NYSE Arca |
DGBP |
17326E464 |
VelocityShares Daily
|
||||||||||
VelocityShares Daily 4X
|
NYSE Arca |
DCHF |
17326E704 |
VelocityShares Daily
|
||||||||||
VelocityShares Daily 4X
|
NYSE Arca |
DAUD |
17326E605 |
VelocityShares Daily
|
||||||||||
VelocityShares Daily 4X
|
NYSE Arca |
UJPY |
17326E662 |
VelocityShares Daily
|
||||||||||
VelocityShares Daily 4X
|
NYSE Arca |
UEUR |
17326E480 |
VelocityShares Daily
|
||||||||||
VelocityShares Daily 4X
|
NYSE Arca |
UGBP |
17326E159 |
VelocityShares Daily
|
||||||||||
VelocityShares Daily 4X
|
NYSE Arca |
UCHF |
17326E233 |
VelocityShares Daily
|
||||||||||
VelocityShares Daily 4X
|
NYSE Arca |
UAUD |
17326E647 |
VelocityShares Daily
|
Holders of the ETNs will receive a cash payment per ETN in an amount (the “Optional Acceleration Redemption Amount”) equal to the fixing indicative value of the respective series of ETNs on the Optional Acceleration Valuation Date. The Optional Acceleration Valuation Date is expected to be October 30, 2020. The Optional Acceleration Redemption Amount is expected to be paid to investors on November 4, 2020. More information on the manner in which the Optional Acceleration Redemption Amount will be calculated, including the circumstances in which the Optional Acceleration Valuation Date may be postponed, and on the circumstances in which the ETNs may be automatically accelerated prior to the Optional Acceleration Valuation Date is available in the pricing supplement for the ETNs, which is available at the following hyperlink:
https://www.sec.gov/Archives/edgar/data/0000200245/000095010320007085/dp125692_424b3-velocity.htm
The last day of trading for the ETNs is expected to be October 30, 2020.
Currently, holders of any series of ETNs who wish to exercise their early redemption right are generally required to redeem a minimum number of ETNs of the same series and may be subject to an early redemption charge. After the close of trading on October 19, 2020, CGMHI will irrevocably waive the required minimum redemption amount and the early redemption charge for the ETNs.
None of the other exchange-traded notes issued by CGMHI are affected by this announcement.
© 2020 Citigroup Inc. Member SIPC. All rights reserved. Citi and Citi and Arc Design are trademarks and service mark of Citigroup Inc. or its affiliates and are used and registered throughout the world.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
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