IVO Terminates and IVOP Fills the Void

Another exchange-traded product met its demise this week.  The iPath Inverse S&P 500 VIX Short-Term Futures ETN (IVO) triggered an early termination on September 12 when shares traded below $10.  Barclays immediately called the notes for redemption at $11.8024 per share.  They were then delisted... 

New ETRACS VIX ETNs With 5.35% Annual Expenses

UBS on September 8 rolled out a dozen ETNs targeting long and short (inverse) exposure to VIX futures at six monthly maturity intervals.  The new exchange-traded notes are anticipated to mature in 30 years.  The inverse versions include an “Event Risk Weekly Hedge Cost” that saddles investors with... 

XVZ: A Dynamic Volatility Strategy ETN

Barclays introduced the iPath S&P 500 Dynamic VIX ETN (XVZ) on August 18, 2011, providing investors with exposure to a strategy that dynamically allocates between short-term and mid-term VIX futures contracts. The new exchange-traded notes (“ETNs”) will track the S&P 500 Dynamic VIX Futures... 

VZZ Terminates and VZZB Fills the Void

As mentioned in ETF Stats for June 2011, the iPath Long Enhanced S&P 500 VIX Mid-Term Futures ETN (VZZ) hit an early termination trigger on July 1 by trading below $10.  The press release indicated VZZ would be redeemed on July 11, 2011, but it did not indicate the delisting date.  Subsequent to... 

Barclays Clones Its Own Inverse VIX ETN

Barclays launched the first inverse VIX futures ETN on July 19, 2010, dubbed the Barclays ETN+ Inverse S&P 500 VIX Short-Term Futures ETN (XXV).  I criticized their decision to abandon the iPath brand name for XXV.  Two months later, on September 28, Barclays corrected its mistake and renamed it... 

ProShares Introduces Volatility Futures in an ETF

Prior to January 4, ETNs (exchange-traded notes) were the only way to get exposure to VIX volatility futures via an exchange-traded product (ETP).  Now, ProShares provides access in the more desirable ETF format with ProShares VIX Short-Term Futures (VIXY) and ProShares VIX Mid-Term Futures (VIXM)... 

XVIX: The First Volatility Strategy ETP

The stock market is volatile.  Exchange-traded products that measure the volatility of the stock market are even more volatile.  Yes, volatility is volatile.  When used properly (and managed daily), adding an extremely volatile volatilty ETN to a stock portfolio can reduce the overall portfolio volatility. ... 

Eleven New iPath ETNs With Indescribable Leverage

Barclays launched eleven new iPath exchange-traded notes (ETNs) yesterday, November 30, 2010.  The new products provide leveraged long and short exposure to MSCI Emerging Markets, MSCI EAFE, Russell 1000, Russell 2000, and S&P 500 Indexes.  A new mid-term VIX product is also included. The press... 

Newcomer VelocityShares Introduces Suite of Volatility ETNs

VelocityShares LLC, a new exchange-traded product sponsor, introduced six new exchange-traded notes (ETNs) today (November 30, 2010).  Issued by Credit Suisse, these unsecured notes offer long, inverse, and leveraged exposure to indexes based on Volatility Index (VIX) futures. Investors should keep... 

Citigroup Belly-Flops Into ETP Sponsor Pool

Citigroup (C) entered the pool of exchange traded product (ETP) sponsors on November 15, 2010 with the introduction of C-Tracks Citi Volatility Index Total Return ETN (CVOL).  One would think that Citi would pull out all the stops in an attempt to make a favorable first impression in a competitive market. ... 

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