XIVH

VelocityShares VIX Short Volatility Hedged ETN
CLOSING PRICECHANGE (%)VOLUME
$60.60+0.63 (1.05%)3.03K
3:59:00 p.m. (ET) 07/21/2017
BZX EXCHANGE CLOSED
LAST TRADECHANGE (%)
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BID SIZEBID ($)ASK ($)ASK SIZE
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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
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LAST 10 TRADES
TIMEPRICESHARES
16:14:0660.42200
13:55:3860.20100
12:28:1959.97100
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Bats BZX Real-time Quote - 23:59:59
Daily Spread
Premium/Discount
Volume

XIVH FactSet Analytics Block Liquidity

As of 07/21/17
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

07/13/16
Exchange-Traded Note
2.30%
$60.07 M

XIVH Portfolio Data

0%
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
0% / 100%
UBS AG (London Branch)
Low
Low
N/A
Daily

XIVH Tax Exposures

20.00% / 39.60%
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No

XIVH Tradability

6,798
$360.16 K
2,565
$137.27 K
0.35%
-0.23%
11.15% / -11.20%
None
50,000
0.05
0.12%
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$59.97
N/A