Barclays Bank has filed paperwork to redeem the iPath Long Enhanced S&P 500 VIX Mid-Term Futures ETN (NYSE:VZZ) on July 11th. The respective iPath ETN is being redeemed as the result of an automatic termination event occurring on July 1, 2011, when the the intraday indicative note value was equal to or less than the applicable automatic termination level.
Below is a written statement by the NYSE:
We have received information from the issuer that the above security has been called for redemption on July 11, 2011. Accordingly, NYSE Arca will suspend trading in the above security prior to the opening of business on Monday, July 11, 2011. Open orders in the security will be canceled at such time.
The redemption value of the security will be $10.00. In addition to the suspension date, market participants should be guided the prospectus and by the July 1, 2011 press release from the issuer.
Please refer to the issuer’s website at: www.ipathetn.com/VZZ-automatic-redemption.jsp