VelocityShares Long LIBOR ETN
ULBR
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- VelocityShares Long LIBOR ETN (ULBR) is an exchange-traded note that provides exposure to the performance of the DB Long USD LIBOR Futures Index Excess Return, tracking long positions in forward contracts on the three-month London Interbank Offered Rate (LIBOR) futures; it offers investors a way to gain leveraged or direct exposure to anticipated rises in short-term LIBOR rates without holding the underlying futures contracts directly. Issued by VelocityShares, a brand under Credit Suisse AG, the ETN matures on August 5, 2023, and is listed on the NYSE Arca exchange under the ticker ULBR, with principal protection limited to non-capitalized interest payments upon early redemption or maturity under specific conditions. The product targets institutional and retail investors seeking interest rate derivatives exposure, operating primarily in the U.S. financial markets as part of the broader exchange-traded products segment focused on fixed income and rates. Founded in 2011 as part of VelocityShares' expansion into commodity and rates ETNs, ULBR is headquartered in New York, New York, with Credit Suisse AG serving as the issuer and guarantor based in Zurich, Switzerland, providing global operational backing across North America, Europe, and Asia-Pacific regions. The ETN's core mechanics involve daily resets aligned with the index, which rolls forward LIBOR futures contracts to maintain continuous exposure, distinguishing it from unleveraged alternatives like short-term rate ETFs. In recent developments, ULBR faced significant operational challenges following the planned phase-out of USD LIBOR announced by U.S. regulators in 2023, leading to halted trading and delisting from NYSE Arca effective post-maturity as part of industry-wide transitions to alternative reference rates such as SOFR; Credit Suisse, the parent issuer, underwent a major acquisition by UBS Group AG in March 2023 amid financial turmoil, resulting in the integration and rebranding of VelocityShares products under UBS's exchange-traded notes platform. No new issuances or relaunches of ULBR have occurred, reflecting broader market shifts away from LIBOR-based instruments, with UBS announcing strategic expansions into SOFR-linked ETNs in 2024 to replace legacy products like ULBR.