VelocityShares 3x Inverse Gold ETN Linked to the S&P GSCI Gold Index ER
DGLDF
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- VelocityShares 3x Inverse Gold ETN Linked to the S&P GSCI Gold Index ER (DGLDF) is an exchange-traded note that provides investors with three times the inverse daily performance of the S&P GSCI Gold Index Excess Return, which tracks gold futures contracts; the ETN takes short positions in gold futures to achieve this leveraged inverse exposure. Issued by Credit Suisse AG Nassau Branch, the product offers leveraged commodity trading tools focused on gold price declines for sophisticated investors seeking short-term tactical positions in the commodities sector. Domiciled in Switzerland with a scheduled maturity date of October 14, 2031, it operates primarily in U.S. over-the-counter markets following its delisting from major exchanges. The ETN, launched on October 14, 2011, under the VelocityShares brand, targets institutional and retail traders in precious metals derivatives with no physical gold holdings or additional product lines beyond this core inverse leveraged note. Credit Suisse AG, headquartered in Zurich, Switzerland, serves as the issuer and guarantor, providing unsecured senior debt obligations backed by the parent bank's creditworthiness prior to its 2023 acquisition by UBS Group AG. In recent developments, Credit Suisse announced on October 19, 2023, its intent to exercise the issuer optional call and accelerate the ETN, with an acceleration date of November 1, 2023, leading to early redemption and termination of the product; this followed the ETN's delisting from primary exchanges in July 2020 and suspension of new issuances. Despite the acceleration announcement, the ETN continued trading over-the-counter into 2025, reflecting around $9.50 per share as of late 2025 amid ongoing gold market volatility. No new issuances, partnerships, or expansions have occurred post-delisting, aligning with Credit Suisse's wind-down of select VelocityShares ETNs under UBS integration.