XVIX (ETRACS Daily Long-Short VIX ETN)
XVIX Exposure and Basic Characteristics
XVIX is a VIX ETN by UBS ETRACS, which unlike most other VIX ETFs and ETNs doesn’t take a directional (long or short) volatility position, but represents exposure to a relative value VIX play: long medium term VIX futures and short short-term VIX futures. The value of XVIX should generally increase when VIX futures curve is steepening (medium term futures outperform short term futures, which is usually when spot VIX goes down), but in the long run it is also heavily influenced by the cost (or yield) of rolling the positions.
Direction: Long-Short (relative value)
Underlying index: S&P 500 VIX Futures Term-Structure Index Excess Return (Bloomberg: SPVXTSER)
XVIX options: Not available
Product type: ETN (exchange traded note)
Issuer: UBS AG
Provider: UBS ETRACS
Inception date: 30 November 2010
Official Information and Links
The ETRACS Daily Long-Short VIX ETN is linked to the performance of the S&P 500 VIX Futures Term-Structure Index Excess Return — Ticker: SPVXTSER. … The Index is a composite Index that measures the return from taking a long 100% position in the S&P 500 VIX Mid-Term Futures Index Excess Return with a short, or inverse, 50% position in the S&P 500 VIX Short-Term Futures Index Excess Return, with daily rebalancing of the long and short positions. Source: Factsheet (see links below).
XVIX product page:
XVIX Quotes, Assets, and Trading Volume