XXV (iPath Inverse S&P 500 VIX Short-Term Futures ETN)

XXV Exposure and Basic Characteristics

XXV is a short VIX ETN by Barclays iPath. It is designed to track the inverse of S&P500 VIX Short-Term Futures Index (excess return) and therefore provides short volatility exposure on the short (near) end of the VIX futures curve. XXV is much less liquid than other short VIX ETFs and ETNs like XIV (by VelocityShares) or SVXY (by ProShares), which provide similar exposures.

Direction: Short, unleveraged

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

Exposure: Short of the short end of the VIX futures curve (short positions in the nearest and the second nearest VIX futures contract months, rolling to maintain constant 1 month maturity).

XXV options: Not available

Product type: ETN (exchange traded note)

Issuer: Barclays Bank PLC

Provider: Barclays iPath

Inception date: 16 July 2010

The iPath Inverse S&P 500 VIX Short-Term Futures ETN is designed to provide investors with inverse exposure to the S&P 500 VIX Short-Term Futures™ Index Excess Return. ... The S&P 500 VIX Short-Term Futures Index Excess Return (the "Index") is designed to reflect the returns that are potentially available through an unleveraged investment in short-term futures contracts on the CBOE Volatility Index®. The Index offers exposure to a daily rolling long position in the first and second month VIX Index futures contracts and reflects the implied volatility of the S&P 500® at various points along the volatility forward curve.

XXV product page: www.ipathetn.com/US/16/en/details.app?instrumentId=68522

XXV Quotes, Assets, and Trading Volume

Yahoo Finance: finance.yahoo.com/quote/XXV

Bloomberg.com: www.bloomberg.com/quote/XXV:US

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