The below article is promising in that the available VIX-related shares are issued as "ETNs" and are therefore subject to the creditworthiness of the issuer (unlike ETFs), but the article indicates that there are more issuers coming to market and, as a result, some of the credit risk can be mitigated via usage of more than one VIX sensitive ETN within a portfolio. The Citigroup offering is particularly interesting, but I think we need to see some trading history to get a better feel for how this hybrid structure should be used.
From Citigroup, a New Volatility-Linked ETN
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