The recent falloff in the CBOE Volatility Index following a spike earlier this month has prompted the automatic redemption of a Barclays exchange traded note designed to track VIX futures.

The iPath Long Enhanced S&P 500 VIX Mid-Term Futures ETN (NYSEArca: VZZ) on Friday traded below $10 a share, which triggered the redemption. The ETN’s “automatic termination date” becomes July 1, according to a press release from Barclays, which issues the note.

Holders of the note on the termination date will receive a cash payment of $10 a share on July 11, according to information posted on the ETN’s website. The note traded as low as $9.68 on Friday.

The iPath Long Enhanced S&P 500 VIX Mid-Term Futures ETN is a relatively small product in terms of assets with $14 million at the end of May, according to data from the National Stock Exchange. Trading volume in the ETN spiked on Friday as the redemption was activated.

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