However, the premium collapsed on Thursday, which is why TVIX dropped nearly 30% even though the VIX rose. The exchange traded note was down 18% in early action Friday.

Credit Suisse after Thursday’s closing bell said it plans to reopen issuance of TVIX on a limited basis.

Starting Friday, Credit Suisse “may from time to time issue the ETNs into inventory of its affiliates to make the ETNs available for lending at or about rates that prevailed prior to the temporary suspension of issuances of the ETNs,” according to a press release. “Also, beginning as soon as March 28, 2012, Credit Suisse may issue additional ETNs from time to time to be sold solely to authorized market makers.”

The bottom line: TVIX is being strongly influenced by factors outside the movement of VIX futures. [Why a Volatility-Linked ETN is Diverging from the VIX]

VelocityShares Daily 2x VIX Short-Term ETN