ZIV (VelocityShares Inverse VIX Medium-Term ETN)
ZIV Exposure and Basic Characteristics
ZIV is one of the inverse VIX ETNs – exchange traded notes designed to provide negative (short) exposure to VIX futures and therefore roughly a short exposure to the VIX (CBOE Volatility Index). ZIV differs from the other short VIX ETFs and ETNs (like the XIV) in the targeted maturity: While the other products target the short end of the VIX futures curve (maturity of 1 month), ZIV targets the middle (maturity of 5 months).
Underlying index: S&P500 VIX Mid-Term Futures Index ER
Exposure: The middle part of VIX futures curve (targeted constant maturity 5 months – short positions in VIX futures contracts from the fourth to the seventh nearest expiration month)
ZIV options: Not available
Product type: ETN (exchange traded note)
Issuer: Credit Suisse AG
Inception date: 29 November 2010
Official Information and Links
The VelocityShares Daily Inverse VIX Medium-Term ETNs (the “ETNs”) are senior, unsecured obligations of Credit Suisse AG (“Credit Suisse”) 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 Mid-Term Futures Index ER less the investor fee. Source: Factsheet (see links below).
ZIV Quotes, Assets, and Trading Volume