XIV was a highly liquid short VIX ETN by VelocityShares.
It was liquidated on 15 February 2018 after a volatility spike and big losses.
XIV Exposure and Basic Characteristics
For several years the XIV ETN was by far the most liquid inverse VIX ETN and one of two most popular short volatility exchange traded products (the other being the SVXY ETF). It provided negative (short) exposure to short-term VIX futures, approximately inverse to the S&P500 VIX Short-Term Futures Index.
Following heavy losses in the volatility spike of early February 2018, the XIV ETN ceased trading on 15 February 2018 and was liquidated. For more details see official announcements by its issuer Credit Suisse from 6th and 14th February 2018. See also an article on risk.net.
Direction: Short
Underlying index: S&P500 VIX Short-Term Futures Index ER
Exposure: Short (negative position) in the short end (near term) of the VIX futures curve (short positions in the first two VIX futures contracts, constantly rolling from the nearest to the second contract month to maintain one month maturity)
XIV options: Not available
Product type: ETN (exchange traded note)
Issuer: Credit Suisse AG
Provider: VelocityShares
Inception date: 29 November 2010
Last trading date: 15 February 2018
Official Information and Links
The VelocityShares Daily Inverse VIX Short-Term ETNs are senior, unsecured obligations of Credit Suisse AG acting through its Nassau branch. The return on the ETNs is linked to the inverse of the daily performance of the S&P 500 VIX Short-Term Futures Index ER less the investor fee.
Provider website: https://www.velocityshares.com