About CREDIT SUISSE AG (Nassau Branch)
This ETN was delisted effective July 12, 2020, and now trades over-the-counter on the pink sheets. As a result, shareholders should anticipate ultra-wide spreads, minimal trading volumes, and prices well above or below NAVs. Like most geared inverse products, UGAZ is designed to be used as a tactical trading tool, not as a buy-and-hold investment. The note promises to provide 3x exposure to its reference indexthe S&P GSCI Natural Gas Excess Return Indexfor a one-day holding period. The daily reset function means investors holding UGAZ for periods of longer than one trading day will be exposed to the effects of compounding and could see returns vary greatly from the headline 3x exposure. Since UGAZ tracks an excess return version of the S&P GSCI Natural Gas Index, returns will reflect the changes in the price of natural gas and returns from rolling futures contracts, but not any income from collateral. The ETN wrapper provides tax efficiency with no K-1. Although its fee is extremely high, trading costs are of greater importance, since the fund is designed for intraday round-trip trades.