Trading in the iPath Inverse January 2021 S&P 500 VIX Short-Term Futures ETN (IVO) was suspended on Monday after the note’s indicative value hit the automatic termination level of $10.00 per share. IVO, which offers inverse exposure to an index comprised of VIX futures contracts, tumbled in Monday morning trading as anxiety over the Greek default situation spooked investors. The automatic redemption level of $10 per share represented a drop of about 16% from Friday’s closing price. The IVO prospectus specifies that the note will be automatically redeemed by Barclays, the issuing institution, when the intraday indicative note value is equal to or less than $10.00. According to a press release from Barclays, IVO hit that level shortly after 2:00 ET on Monday. Barclays also noted that holders of the notes would receive a cash payment equal to the automatic redemption value, which will be equal to the closing indicative [...] Click here to read the original article on ETFdb.com. Related Posts: Inverse VIX ETNs: Reviewing All The Options August ETF Stats: Keeping The Winning Streak Alive (Just Barely) iPath Rolls Out Dynamic VIX ETN (XVZ) Volatility ETFs: The Real Safe Haven? ETFs To Watch As Debt Ceiling Deadline Nears
Trading in the iPath Inverse January 2021 S&P 500 VIX Short-Term Futures ETN (IVO) was suspended on Monday after the note’s indicative value hit the automatic termination level of $10.00 per share. IVO, which offers inverse exposure to an index comprised of VIX futures contracts, tumbled in Monday morning trading as anxiety over the Greek default situation spooked investors. The automatic redemption level of $10 per share represented a drop of about 16% from Friday’s closing price. The IVO prospectus specifies that the note will be automatically redeemed by Barclays, the issuing institution, when the intraday indicative note value is equal to or less than $10.00. According to a press release from Barclays, IVO hit that level shortly after 2:00 ET on Monday. Barclays also noted that holders of the notes would receive a cash payment equal to the automatic redemption value, which will be equal to the closing indicative [...]
Click here to read the original article on ETFdb.com.
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