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Tuesday, February 21, 2012 7:34:34 PM
I was under the impression that a certain number of shares were issued all at the same time, when it was created. This announcement implies that notes are being issued on a continuing basis. The price is subject to "levels of supply and demand for the ETNs." The price would also be subject to new shares being issued. I would assume that new shares are issued to bring down the price, whenever the price is higher than the VIX should make it. This is how they "reset" it. If they stop issuing shares, I would assume that the price of the shares would have to go up, because the supply is limited. They very boldly declare that the price might either go up or down. This announcement "may cause the ETNs to trade at a premium or discount in relation to their indicative value."*
Of all the things discussed that may affect the price, the possibility that they would stop issuing new shares was not mentioned.*
Doesn't this mean the share price has to go up?*
They could even buy back shares, to raise the price even further.*
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