VelocityShares Daily 2x VIX MT ETN
TVIZ
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- VelocityShares Daily 2x VIX MT ETN (TVIZ) is an exchange-traded note issued by Credit Suisse AG that provides leveraged exposure to the S&P 500 VIX Short-Term Futures Index; it seeks daily investment results, before fees and expenses, of two times (200%) the performance of the index, which tracks a portfolio of first- and second-month VIX futures contracts rolled daily to maintain a constant weighted average maturity of one month. The product targets sophisticated investors seeking amplified volatility trading strategies; related offerings in the VelocityShares family include inverse and leveraged VIX ETNs such as UVXY (1.5x long), SVXY (inverse), and TVIX (2x long short-term), alongside longer-dated variants like UVIX and SVIX focused on VIX mid-term futures. Credit Suisse, founded in 1856 and headquartered in Zurich, Switzerland, operates globally across investment banking, asset management, and wealth management segments, with significant presence in Europe, North America, and Asia-Pacific; TVIZ trades on U.S. exchanges and serves institutional and retail traders in derivatives markets. In recent developments, Credit Suisse announced the accelerated redemption of TVIZ effective July 29, 2022, alongside multiple other Volatility ETNs including TVIX and UVXY, due to sustained low issuance volume and market conditions, ceasing ordinary trading by July 20, 2022, with private over-the-counter trading permitted thereafter until full redemption. This followed strategic portfolio rationalization amid Credit Suisse's broader restructuring efforts, including its 2023 acquisition by UBS Group AG in a government-facilitated merger valued at approximately $3.25 billion, which integrated Credit Suisse's structured products and ETN issuance capabilities under UBS oversight. No new issuances or relaunches of TVIZ have occurred post-merger, reflecting a shift toward streamlined exchange-traded product offerings focused on higher-volume equity and fixed-income strategies.