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

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  • May 21, 2014, 10:32 AM
  • Mar. 3, 2014, 3:05 PM
  • Mar. 26, 2012, 9:33 AM
    "TVIX only $6.50 above fair value," tweets a wise guy as shares in the leveraged ETN are hammered again this morning, -8.4% to $6.56, bringing the decline to 55% in less than 3 days. ETN prices can vary widely from NAV, leading to excessively high premiums when shares become dear, and then the correction when the issuer prints up more.
  • Mar. 23, 2012, 7:16 AM
    Credit Suisse will restart issuance of TVIX ETN units today. It was the suspension of such last month that led to the units massive premium to NAV, much, but not all of which melted away yesterday - no doubt because the market expected today's announcement. TVIX -16% premarket.
  • Mar. 12, 2012, 10:34 AM
    After a quick move higher on Tuesday's sell off, the VIX (VXX -2.6%) dives to its lowest level in a year, as calm (complacency?) reigns. John Spence notes investors cancelling insurance policies for market pullbacks by pulling cash from volatility-linked ETFs
  • Aug. 8, 2011, 2:33 PM
    The CBOE Volatility Index (VIX +33.5%) is skyrocketing, reflecting systemic market fear, and now stands higher than anytime since the darkest days of the financial crisis of 2008-2009.
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XXV Description
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®. Specifically, 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 Index, which provides an indication of the pattern of stock price movement in the US equities market, at various points along the volatility forward curve. The Index rolls its exposure to the underlying futures contracts continuously throughout each month, targeting a constant weighted average maturity for the underlying futures contracts of one month.
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