XIVH

VelocityShares VIX Short Volatility Hedged ETN

XIVH Fund Description

The VelocityShares VIX Short Volatility Hedged ETN tracks an index with exposure to near term contracts on the CBOE Volatility Index (VIX). The note is 10% exposed to a 2x leveraged position, and 90% exposed to a 1x inverse position.

XIVH Factset Analytics Insight

XIVH aims to achieve positive returns from persistent contango in VIX futures, while trying to tame the inherent volatility of this approach with a smaller offsetting long position. The note simulates exposure to two daily-reset geared products based on short-term VIX futures: 10% exposure to a 2x long product, and 90% exposure to a 1x short product, resulting in 70% net-short exposure on rebalance. Each week, one-thirteenth of the portfolio is rebalanced back to these weights, amounting to a rolling rebalance of the whole portfolio each quarter. This feature aims to reduce path dependency through diversification. The result of this arrangement is a portfolio with variable, net-short, pro-cyclical exposure to VIX futures. For example, a falling VIX futures price will increase the value of the short component and decrease the value of the long component, increasing net-short exposure overall.

For this complex methodology, XIVH charges a very steep management fee, as well as a variable spread fee to simulate the trading costs of managing a portfolio of VIX futures. As a result, the note is among the most expensive ETPs available in the US. See also the note's two siblings: BSWN, which skews toward net-long VIX exposure, and LSVX, which provides net-neutral exposure on rebalance.

  • 1 Month
  • 3 Months
  • YTD
  • 1 Year
  • 3 Years
  • 5 Years
  • Max
COMPARE
RESET
Select ETFs to compare their performance:
Bats Book Viewer
TOP OF BOOK
SHARES/SIZEPRICE
ASKS----
----
----
----
----
BIDS----
----
----
----
----
LAST 10 TRADES
TIMEPRICESHARES
10:22:3467.33300
------
------
------
------
------
------
------
------
------
Bats BZX Real-time Quote - 20:31:28
Daily Spread
Premium/Discount
Volume

XIVH Factset Analytics Block Liquidity

As of 11/20/17
5
4
3
2
1

This measurement shows how easy it is to trade a $1 million USD block of XIVH. XIVH is rated a N/A out of 5.

XIVH Summary Data

UBS
07/13/16
Exchange-Traded Note
2.3%
$65.5M
0.27%

XIVH Portfolio Data

0.00%
N/A

XIVH Index Data

S&P 500 VIX Futures Short Volatility Hedged Index TR - Short Term
Fixed
Fixed
N/A

XIVH Fund Structure

No
N/A
N/A
UBS AG (London Branch)
Low
Low
N/A
N/A

XIVH Tax Exposures

20% / 39.6%
--
No

XIVH Tradability

4,838
$305.39K
1,851
$120.38K
0.27%
-0.13%
5.81% / -7.06%
None
50,000
0.04
0.13%
--
$65.71
N/A