The exchange-traded note (ETN) offers inverse exposure to the S&P VIX short-term futures, a structure not seen in the US ETNs since the collapse of Credit Suisse’s VelocityShares play in 2018.

The Short-Term Futures ETNs due March 22, 2045 (VYLD) are issued by J.P. Morgan Chase Financial Co. today after being priced on 19 March.  There has been ‘considerable interest’ from clients in strategies that involve selling volatility Listed on NYSE Arca, the new offering is the second ETN listing for the largest structured note issuer in the US following its launch of the Alerian MLP ETN (AMJB) on 26 January. VYLD seeks to provide exposure to the daily returns of the S&a