Citigroup Announces the Acceleration of Two Series of ETNs
March 19 2020 - 5:14PM
Business Wire
Citigroup Global Markets Holdings Inc. (“CGMHI”) announced today
that it will accelerate at its option, and in full, the two series
of exchange-traded notes listed in the table below (the
“ETNs”).
ETN Name
Exchange
ETN Ticker
CUSIP
Underlying Index
VelocitySharesTM 3x Long Crude Oil
ETNs
NYSE Arca
UWT
17325E291
S&P GSCI® Crude Oil Index ER
VelocitySharesTM 3x Inverse Crude Oil
ETNs
NYSE Arca
DWT
17325E309
Holders of the ETNs will receive a cash payment per ETN in an
amount (the “Optional Acceleration Redemption Amount”) equal to the
closing indicative value of the respective series of ETNs on the
final valuation date of the Optional Acceleration Valuation Period.
The Optional Acceleration Valuation Period will be the period of
five consecutive index business days beginning on March 25, 2020
and expected to end on March 31, 2020. The payment upon optional
acceleration is based upon a declining exposure to the ETNs’
underlying index over the Optional Acceleration Valuation Period.
The closing indicative value of the ETNs will be calculated on each
day during the Optional Acceleration Valuation Period so that the
applicable leverage of the ETNs does not reset after the period
begins. The Optional Acceleration Redemption Amount is expected to
be paid to investors on April 3, 2020. More information on the
manner in which the Optional Acceleration Redemption Amount will be
calculated, including the circumstances in which the dates
specified herein may be postponed, is available in the pricing
supplement for the ETNs, which is available at the following
hyperlink:
https://www.sec.gov/Archives/edgar/data/200245/000095010320005510/dp124148_424b3-uwtdwta10.htm
As described in more detail in the pricing supplement for the
ETNs, if a trigger event occurs prior to the end of the Optional
Acceleration Valuation Period, holders of the ETNs will not receive
the Optional Acceleration Redemption Amount described above, but
rather an amount determined as set forth in the pricing supplement
for the ETNs.
The last day of trading for the ETNs is expected to be April 2,
2020.
None of the other ETNs issued by CGMHI are affected by this
announcement.
Citigroup Global Markets Holdings Inc., the issuer, has filed a
registration statement (including a pricing supplement, a
prospectus supplement and a prospectus) with the Securities and
Exchange Commission (“SEC”) for the offerings to which this
communication relates. Before you invest, you should read the
pricing supplement, the prospectus supplement and the prospectus in
that registration statement (Registration Nos. 333-224495 and
333-224495-03) and the other documents Citigroup Global Markets
Holdings Inc. has filed with the SEC for more complete information
about Citigroup Global Markets Holdings Inc. and these offerings.
You may get these documents for free by visiting EDGAR on the SEC
website at www.sec.gov. Alternatively, you can request the pricing
supplement, prospectus supplement and prospectus by calling
toll-free 1-877-858-5407.
© 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.
Additional information may be found at http://www.citigroup.com
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