XIV
A specific inverse-VIX Exchange-Traded Note formerly issued by Credit Suisse (full name VelocityShares Daily Inverse VIX Short-Term ETN). XIV gained roughly -1x daily exposure to the front-month VIX futures index. On February 5, 2018, VIX spiked from 17 to 37 in a single session; XIV lost ~95% of its value, triggered an "acceleration event" in its prospectus, and was liquidated days later — a textbook example of how convex tail risk in short-volatility products dwarfs the modest daily premium they collect. XIV is often confused with SVXY (a ProShares ETF), which is a different product that survived the same event with reduced leverage.
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