ProShares VIX Short-Term Futures ETF(VIXY)- NYSEARCA
  • May 21, 2014, 10:32 AM
    • Bets on a decline in the iPath S&P 500 VIX Short-Term Futures ETN (VXX -1%) have fallen to 25% of shares outstanding from a record 126% in February, according to Bloomberg. Shorting the VXX is a play on continued calm in the markets, and a bet (along with other short volatility moves) that earned plenty of coin in 2013.
    • The VIX jumped 4.4% yesterday as stocks struggled, but has closed below 15 for 24 consecutive sessions, the longest streak since about the time surrounding the start of 2014. It hasn't climbed above 18 since February even amid Russian tension and sizable selloffs in small caps and tech momentum names.
    • “The longer you go without a hurricane, the more likely it becomes for the next period,” says Mark Yusko, CIO at Morgan Creek Capital. “It’s usually around those times, when everybody is convinced nothing can happen, that something happens. Markets tend to move to extremes. Those alligator jaws don’t stay open forever. They eventually snap shut.”
    • ETFs: VXX, UVXY, TVIX, XIV, VIXY, SVXY, ZIV, VXZ, VIXM, CVOL, VIIX, XVZ, XVIX, XXV, TVIZ, IVOP, VIIZ
    | May 21, 2014, 10:32 AM | 9 Comments
  • Apr. 2, 2014, 4:24 PM
    • Selling volatility in 2012 and 2013 has funded many a vacation home, but one favorite - the VelocityShares Daily Inverse Short-Term Futures ETN (XIV) - is down 5% this year
    • "The absence of net sellers of VIX is remarkable," writes the team at SocGen, noting historically, hedge funds - with long equity positions elsewhere - "have a strong natural bias toward net selling the VIX." Given a market in contango, it pays even more to be short, yet they still aren't.
    • The risk of a spike in volatility thanks to geopolitical tensions with Russia may be having an influence, but alone don't explain the trend, says SocGen, which concludes the period of low volatility is coming to and end.
    • ETFs: VXX, UVXY, TVIX, XIV, VIXY, SVXY, ZIV, VXZ, VIXM, CVOL, VIIX, XVZ, VIXH, ACWV, XVIX, XXV, TVIZ, IVOP, VIIZ
    | Apr. 2, 2014, 4:24 PM | 12 Comments
  • Mar. 18, 2014, 1:24 PM
    | Mar. 18, 2014, 1:24 PM | 6 Comments
  • Mar. 3, 2014, 3:05 PM
    | Mar. 3, 2014, 3:05 PM | 3 Comments
  • Jan. 24, 2014, 12:56 PM
    • Call option bets on the VIX this week soared to a record high 8.4M contracts at the CBOE. "A lot are buying in size," says Mike Palmer, who sits at the center of the VIX pit. With volatility so low, speculators "can get a lot of bang for their buck." About 81% of VIX options trading yesterday was in call options.
    • After a 7.2% jump Thursday, the VIX is up another 14% today, but - at 15.67 - still well below the 20-year average of 20.50.
    • VIX ETFs: VXX, UVXY, TVIX, XIV, VIXY, SVXY, ZIV, VXZ, VIXM, VQT, CVOL, VIIX, XVZ, VIXH, PHDG, ACWV, XVIX, XXV, TVIZ, IVOP, VIIZ
    | Jan. 24, 2014, 12:56 PM | 3 Comments
  • Dec. 24, 2013, 2:31 PM
    | Dec. 24, 2013, 2:31 PM | 3 Comments
  • Dec. 19, 2013, 11:26 AM
    • The PowerShares Senior Loan Portfolio (BKLN) was honored with the William F. Sharpe Award for ETF Product of the Year this morning.
    • Since opening in March 2011 and becoming the first floating-rate senior loan ETF, this Invesco (IVZ) fund has amassed over $6.2 billion in assets under management, making it easily the largest player in the space.
    • Also receiving honors this morning is the PowerShares S&P 500 Downside Hedged Portfolio (PHDG), which was named the ETF Innovation of the Year, along with its underlying index: the S&P 500 Dynamic VEQTOR Index.
    • Other senior loan ETFs: SRLN, SNLN, FTSL
    • Other VIX ETFs: VXX, UVXY, TVIX, XIV, VIXY, SVXY, VXZ, ZIV, VIXM, VQT, CVOL, XVZ, VIIX, VIXH, ACWV, XVIX, XXV, TVIZ, IVOP, VIIZ
    | Dec. 19, 2013, 11:26 AM | 12 Comments
  • Dec. 3, 2013, 3:30 PM
    • Higher again today, the Volatility Index has gained for six straight sessions and is now at a 7-week high. Taper fear makes for a good excuse, but Baird's Bruce Bittles says the stock market - after notching its longest string of weekly advances in nearly a decade - simply needs a break.
    • MKM's Jim Strugger says a number of potential negative catalysts lie ahead - notably Fed meetings in mid-December and late January, the January 1 deadline to sign up for Obamacare, and January 15 end of the current government spending authority (don't forget Friday's employment report).
    • VXX +3.6%.
    • ETFs: VXX, UVXY, TVIX, XIV, VIXY, SVXY, VXZ, ZIV, VIXM, VQT, CVOL, VIIX, XVZ, VIXH, ACWV, PHDG, XVIX, XXV, TVIZ, IVOP, VIIZ
    | Dec. 3, 2013, 3:30 PM
  • Nov. 4, 2013, 3:47 PM
    | Nov. 4, 2013, 3:47 PM | 2 Comments
  • Oct. 8, 2013, 4:05 PM
    • Recent buyers of the volatility ETPs are looking smart, with the VXX up 19% in the last 5 days, and the VIIX and VIXY up even more, but that doesn't change the "buyer beware" aspect of these very short-term products, says IndexUniverse analyst Paul Britt. Nice work, he says. Enjoy your profits ... "but this is definitely not the kind of thing you want to leave in your portfolio for a long period of time.”
    • Related ETPs: CVOL, VXX, VIIX, VXZ, VIIZ, TVIX, TVIZ, XXV, XIV, ZIV, XVIX, VQT, VIXY, VIXM, XVZ, IVOP, UVXY, SVXY.
    | Oct. 8, 2013, 4:05 PM | 3 Comments
  • Sep. 24, 2013, 12:18 PM
    • "We're not trying to kill the Vix," says NationsShares President Scott Nations, whose firm is set to launch what it says is a better way to measure volatility.
    • The underlying security for the Nations Large Cap VolDex is the SPY vs. the far less liquid SPX options for the Vix. VolDex, says Nations, also strips away deep out-of-the-money options whose prices are easily skewed by traders willing buy lottery tickets, no matter the cost.
    • It's not the first threat to the cash cow for the CBOE, and the exchange has already criticized the new measure for being too narrowly focused. Nearly 24M Vix futures contracts were traded last year.
    • 'I would be shocked if traders decided to start using VolDex in lieu of the Vix,” says Jason Goepfert. “It’s a flawed index ... but it has become institutionalized."Nations VolDex Implied Volatility Indexes.Vix ETFs: CVOL, VXX, VIIX, VXZ, VIIZ, TVIX, TVIZ, XXV, XIV, ZIV, XVIX, VQT, VIXY, VIXM, XVZ, IVOP, UVXY, SVXY.
    | Sep. 24, 2013, 12:18 PM
  • Sep. 18, 2013, 10:43 AM
    • The VIX could be coiled for a major spike the next time equities stumble, says SocGen, noting short interest in VIX futures has doubled since the end of June. "The concentrated short in the VIX futures is like a red point if you look at a map of the market, signaling potential risk,” says strategist Ramon Verastegui. A short squeeze in the VIX could spill over, he says, accelerating any downward action in equities.
    • The last time investors were close to being this short VIX futures was in February, just ahead of a 34% spike late in the month amid the sequester debate and Italian politics.
    • VIX ETFs: CVOL, VXX, VIIX, VXZ, VIIZ, TVIX, TVIZ, XXV, XIV, ZIV, XVIX, VQT, VIXY, VIXM, XVZ, IVOP, UVXY, SVXY.
    | Sep. 18, 2013, 10:43 AM | 4 Comments
  • Aug. 22, 2013, 10:12 AM
    • Oft-burned, investors are quickly jumping right back into volatility futures and ETPs amid the slightest of market wobbles this month. There's been a big jump in open interest in volatility futures at the CBOE, and  the "financial wood-chipper" (Brendan Conway's words) known as iPath S&P VIX Short-Term Futures ETN VXX has seen $1.1B of inflows this month. VXX is off 52% this year, better than average for this ETN which has averaged a 65% loss for the last 3 years.
    • The ProShares Ultra VIX Short-Term Futures ETF (UVXY) has received $497M after falling 80% YTD.
    • VIX ETFs: CVOL, VXX, VIIX, VXZ, VIIZ, TVIX, TVIZ, XXV, XIV, ZIV, XVIX, VQT, VIXY, VIXM, XVZ, IVOP, UVXY, SVXY.
    | Aug. 22, 2013, 10:12 AM
  • Jul. 11, 2013, 1:38 PM

    Volatility investors may have interest in the little-followed CVOL which actually does a pretty good job of tracking the VIX. Unlike VXX - which tracks front-month futures on the VIX, and is destined to head to zero due to contango - CVOL tracks 3rd and 4th month futures and takes a model-dictated short position in the S&P. It's a nice product, but - for now - high expenses, low AUM, wide spreads and minimal volume likely make it "unownable," writes Oliver Ludwig.

    | Jul. 11, 2013, 1:38 PM
  • Jul. 10, 2013, 9:34 AM

    The "fear gauge" is flawed, says Citi's Mike Pringle, and investors risk harm by using the VIX (VXX) as an indicator of market risk. "It's an asset class and it's more traded for yield than protection," he says, noting the growth of structured products based on the VIX as dampening reported volatility. "It's still relevant in extremes, but not in a normal functioning market."

    | Jul. 10, 2013, 9:34 AM | 15 Comments
  • Jun. 22, 2013, 8:25 AM
    The VIX started showing signs of life this week, a development that historically doesn’t bode well for stocks. The so-called fear index closed above 20 Thursday for the first time this year before pulling back a bit yesterday. The odds of a market rally over a three-, six- and 12-month time horizon are at their lowest when the VIX is 20-25, according to Citigroup data that goes back to 1990.
    | Jun. 22, 2013, 8:25 AM | 11 Comments
VIXY Description
ProShares VIX Short-Term Futures seeks to provide investment results (before fees and expenses) that match the performance of the S&P 500 VIX Short-Term Futures Index. The CBOE Volatility Index® (VIX) is a widely followed measure of the expected volatility of the S&P 500. Since the VIX is not directly investable, S&P 500 volatility exposure is often achieved through VIX futures. Each of the VIX futures indexes measures the movements of a combination of VIX futures and is designed to track changes in the expectation for VIX over a specific time window in the future. As a result, the S&P 500 VIX Short-Term Futures Index and VIXY can be expected to perform differently than the VIX.
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