SVXY (ProShares Short VIX Short-Term Futures ETF)
SVXY Exposure and Basic Characteristics
SVXY is the second most liquid short VIX exchange traded product. It is an ETF by ProShares. One advantage SVXY has against the similar and more liquid XIV (ETN by VelocityShares) is that options are available on SVXY, although their liquidity is not high. Both SVXY and XIV provide negative (short) exposure to short-term VIX futures (inverse of S&P500 VIX Short-Term Futures Index).
Direction: short, unleveraged
Underlying index: S&P500 VIX Short-Term Futures Index ER
Exposure: Short end of the VIX futures curve (combination of short positions in the first and second VIX futures contract months – rolling to maintain constant 1 month maturity)
SVXY options: Available, but relatively illiquid
Product type: ETF (exchange traded fund)
Inception date: 3 October 2011
Official Information and Links
ProShares Short VIX Short-Term Futures ETF seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the S&P 500 VIX Short-Term Futures Index. Source: Official website (see links below).
The website also states that while the ETF should track the index quite well on a single day basis, performance over longer time periods can deviate markedly due to compounding.
SVXY product page: www.proshares.com/funds/svxy.html
SVXY factsheet: www.proshares.com/media/documents/ProSharesFactSheetSVXY.pdf
SVXY prospectus: www.proshares.com/funds/trust_ii_prospectuses.html
Provider website: www.proshares.com
SVXY Quotes, Assets, and Trading Volume
Yahoo Finance: finance.yahoo.com/q?s=SVXY