XIV, Exchange-traded security linked to volatility, plummets 80 percent

Obscure security linked to stock volatility plummets 80 percent after hours, sparking worries of bigger market effect.The VelocityShares Daily Inverse VIX Short-Term exchange-traded note (XIV) is down more than 80 percent in extended trading Monday. The security, issued by Credit Suisse, is supposed to give the opposite return of the Cboe Volatility index (VIX), the market’s widely followed turbulence gauge.

Source: XIV, Exchange-traded security linked to volatility, plummets 80%