This ETN was delisted effective July 12, 2020, and now trades over-the-counter on the pink sheets. As a result, shareholders should anticipate ultra-wide spreads, minimal trading volumes, and prices well above or below NAVs. ZIV provides inverse exposure to midterm VIX futures in a note with decent liquidity, allowing investors to make a short-term bet against stock price volatility. While most of the action in VIX futures is in the near-term space, ZIV offers -1x exposure to futures with 5 months' maturity on average. The ETN is designed to be held for very short periods of timein fact, the -1x multiple holds true for just one day. With such a short investment horizon, trading costs are paramount. ZIV trades with decent volume, at average spreads. While hardly illiquid, this activity pales next to sister-fund XIV (-1x short-term coverage), which trades with significantly higher volume and thin spreads. In all, ZIV has modest assets and so-so Tradability, but it's the only game in town for those needing -1x exposure to the middle part of the VIX futures term structure.