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)

Provider: ProShares

Inception date: 3 October 2011

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:

SVXY Quotes, Assets, and Trading Volume

Yahoo Finance:

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