XIV (VelocityShares Inverse VIX Short-Term ETN)

The XIV ETN was liquidated (last trading day 15 February 2018). See more details and links below.

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 this article on risk.net.

Direction: Short

Underlying index: S&P500 VIX Short-Term Futures Index ER

Exposure: Short end 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 1 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

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: www.velocitysharesetns.com

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