Delisted Crude-oil Play ETNs Get Replacements From Citigroup

Credit Suisse's Velocityshares 3x Long Crude ETN and VelocityShares 3x Inverse Crude ETN were delisted at the close of markets Thursday, but Citigroup plans to launch two exchange-traded notes for betting on oil prices on Friday. The Velocityshares ETNs gained popularity with young traders as a way to play the gyrations in the price of crude oil over the past year. While UWTI closed up 5.9% on Thursday, it was also down 38% for the year. The DWTI finished Thursday down 5.5%, and was down 75% year to date. The new Citigroup notes will go by the same names but be listed under the tickers "UWT" and "DWT" respectively.