TVIX Gets Delisted A Few Days After It's The Most Added Security On Robinhood
The VelocityShares Daily 2x VIX Short-Term ETN (TVIX) is effectively closing up shop.
Credit Suisse, the issuer of the ETN, announced today that it will plan on delisting it along with several others in an effort to "better align its product suite with its broader strategic growth plans". The company will suspend any new issuances although existing shares will remain available on the over-the-counter (OTC) market.
TVIX grew in popularity as the bear market market accelerated and VIX levels pushed north of 80. At one point earlier in June, TVIX was the most added security on Robinhood.
It's a little unusual, but not all that surprising, that a product like TVIX made it to the top of the Robinhood list. The small retail investors that make up most of Robinhood's customer base has been loading up on speculative and high risk securities lately. Among their targets are Hertz (HTZ), the United States Oil Fund (USO) and the ProShares Ultra Bloomberg Crude Oil Fund (UCO).
TVIX isn't the only casualty though. It's just one of 9 total ETNs that are being sent to the backburner.
Interestingly, there are two other VIX products on the list - the VelocityShares VIX Short-Term ETN (VIIX) and the VelocityShares Daily Inverse VIX Medium-Term ETN (ZIV).
In addition, Credit Suisse is axing ETNs linked to gold, silver and natural gas as well.
More ETF Research
If you liked this article/video, please click the LIKE button or share it on Twitter, Facebook, etc. using the buttons below.
Feel free to leave any comments, questions, or thoughts on the ideas presented here (and sign-up if you haven't already).
Follow me and receive periodic notifications when I post here by clicking the FOLLOW button at the top of the page!