The Securities & Exchange Commission has approved the distribution plan for the S&P Dow Jones Indices Fair Fund
BEAVERTON, Oregon., July 28, 2022 /PRNewswire/ — The following statement is issued by Epiq, the fund administrator named in the administrative action noted below.
File No. 3-20310
In the matter of
S&P INDICES DOW JONES LLC,
RECIPIENT: Individuals and legal entities, or their rightful successors, who have purchased and/or held VelocityShares Daily Inverse VIX Short-Term ETNs linked to the S&P 500 VIX Short-Term Futures Index December 4, 2030listed on a US stock exchange and registered with the Commission and traded under the symbol XIV (“XIV” or “Security”) during the period between 16:09:40 and 5:09 p.m. on February 5, 2018 (“Relevant Period”).
PLEASE READ THIS PLAN NOTICE CAREFULLY AND IN ITS ENTIRETY.
YOU MAY BE ELIGIBLE TO RECEIVE A DISTRIBUTION PAYMENT FROM THE S&P DOW JONES INDICES FAIR FUND.
THIS PLAN NOTICE CONTAINS IMPORTANT INFORMATION ABOUT THE S&P DOW JONES INDICES FAIR FUND AND THE CLAIMS PROCESS.
What this case is about:
On May 17, 2021, the Securities and Exchange Commission (“SEC” or “Commission”) has issued an order instituting cease and desist proceedings pursuant to Section 8A of the Securities Act of 1933, making findings and directing a cease and desist order (the “Order”) against the Respondent, S&P Dow Jones Indices LLC. In the order, the Commission found that S&P, which publishes an index that measures the return of a rolling long position for certain VIX futures contracts, failed to disclose the existence of a feature in that index that kept security prices static during a period of volatility. Due to this undisclosed feature, the values published and released to the market were not based on the real-time prices of certain VIX futures contracts. The Commission ordered S&P Dow Jones to pay a $9,000,000 civil monetary penalty to the Commission.
Without admitting or denying the allegations, the respondent consented to entry of an order alleging breaches of section 17(a)(3) of the Securities Act 1933. The Commission established a fund fairly under Section 308(a) of the Sarbanes-Oxley Act of 2002, so that the $9 million civil cash paid by the respondent could be distributed for the benefit of aggrieved investors (the “S&P Dow Jones Indices Fair Fund”). The assets of the S&P Dow Jones Indices Fair Fund are subject to the continuing jurisdiction and control of the Commission.
The Board approved the proposed distribution plan (the “Plan”) on May 12, 2022. You may refer to the plan, available at www.SPDowJonesIndicesFairFund.com for more information and for definitions of capitalized terms.
Who is eligible for compensation:
To be eligible for a payout from the Fair Fund, you must have purchased and/or held VelocityShares Daily Inverse VIX Short-Term ETNs linked to the S&P 500 VIX Short-Term Futures Index December 4, 2030listed on a US stock exchange and registered with the Commission and traded under the symbol XIV during the Relevant Period.
Your approved trades must be a recognized loss as calculated under the plan and your distribution payout must equal or exceed $10.00.
How to submit a claim:
You must complete and sign the Claim Form and submit it to the Fund Administrator so that it is postmarked (or if not sent by US post, received) at later on November 9, 2022at the address listed below in order to be eligible to receive a distribution payment from the S&P Dow Jones Indices Fair Fund:
S&P Dow Jones Equity Index Fund
c/o fund administrator
Portland, OR 97228-5429
If you have any questions or would like to receive a claim form by mail, you can call the S&P Dow Jones Indices Fair Fund toll-free at 855-604-1705, email [email protected]or visit www.SPDowJonesIndicesFairFund.com.