X*****s
发帖数: 2767 | 1 【 以下文字转载自 MoneyFriends 俱乐部 】
发信人: XXLBass (大巴司机), 信区: MoneyFriends
标 题: Buzz on the Street: The TVIX Shuffle! zt
发信站: BBS 未名空间站 (Fri Mar 23 23:36:57 2012, 美东)
http://www.minyanville.com/business-news/editors-pick/articles/
Minyan Mailbag: What's Going on With TVIX?
Adam Warner
Hi Minyanville Professors,
Can somebody explain what is happening with the TVIX?
You would think it would be up big time?
Minyan K
Minyan K,
Quite the plunge in TVIX today, but frankly, it should surprise no one that
this happened. And it should surprise no one if it plunges a good deal more.
TVIX tracks 2x the move in VXX. But along about February 21st, Credit Suisse
reached their limit of share creation. In other words, the popularity of
TVIX had grown beyond their desire to take the other side of a difficult
instrument to hedge.
With no mechanism left to create or redeem shares, TVIX dislodged from its
underlying Net Asset Value. It had effectively morphed from an exchange
traded note to a closed end fund. I wrote it up first here when it popped 12
% above NAV, but the premium only grew and grew. It entered today with an
NAV of $7.60, and it closed yesterday's trading at $14.40. Essentially the
only resemblance TVIX has to options volatility is that it has "VIX" in its
symbol.
Below is a look at TVIX vs, UVXY, an ETF that seeks to track the exact same
thing. Which highlights a point. If you feel the need to buy an instrument
that tracks 2x VXX, use UVXY.
Going forward, I would assume Credit Suisse will allow share creation again.
Perhaps they're making noise about that now, which would explain today's
hit in TVIX. I would strongly advise avoiding TVIX. You can't short it, and
if you buy it, you run the risk of an enormous overnight (or intraday) hit
if in fact it reverts back to NAV.
Adam
Read more: http://www.minyanville.com/business-news/editors-pick/articles/tvix-lgf-aapl-S2526P-500-stock/3/23/2012/id/40059#ixzz1q0BFedox | X*****s
发帖数: 2767 | 2 建议不要玩这些vix之类的etf了，完全被黑庄操控了。 |
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