Volatility-Linked ETPs Still Seeing Inflows, Despite Continual Lows

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May 15, 2017 11:29am NASDAQ:TVIX

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Analyst/ETF Trader Paul Weisbruch of Street One Financial brings us his daily fund flows update, which today looks at continued outperforming inflows for international funds, and once again fresh all-time lows for long volatility ETPs.


As we mentioned last week, funds leading creation activity across the ETF landscape had an International bent to them, as we saw representation from “EAFE” type funds like EFA, IEFA, and SCZ, as well as Europe Equity ETFs like EZU (iShares MSCI Eurozone) and VGK (Vanguard FTSE Europe).

Meanwhile, in a very familiar theme in the market environment since Trump’s election last fall, “Long Volatility” ETPs are trading at new all-time lows once again this morning. The usual offenders here include VXX, UVXY, and the double bull leveraged TVIX, for example.

Year-to-date, VXX has still managed to pull in new net assets in spite of the disappointing performance (over $445 million in), while UVXY has reeled in $345 million and TVIX has attracted about $188 million. The VIX itself is actually up today (demonstrating that contango is once again alive and well in the VIX futures market which is typically the case there), and holding above $10. It had dipped below that level on three occasions last week before a bit of a bounce.

The VelocityShares Daily 2x VIX Short Term ETN (NASDAQ:TVIX) was trading at $25.94 per share on Monday morning, down $1.05 (-3.89%). Year-to-date, TVIX has gained 172.48%, versus a 7.52% rise in the benchmark S&P 500 index during the same period.

TVIX currently has an ETF Daily News SMART Grade of F (Strong Sell), and is ranked #3 of 3 ETFs in the Leveraged Volatility ETFs category.


Disclaimer: The content of this article is excerpted from a daily newsletter from Street One Financial. While ETF Daily News may edit the contents and add a relevant title to the piece, the author, Paul Weisbruch, does not endorse or recommend any issuer or security mentioned herein.

About the Author: Paul Weisbruch

paul-weisbruchPaul Weisbruch is the VP of ETF/Options Sales and Trading at Street One Financial. Prior to joining the team at Street One, Paul served as the Director of RIA and Institutional ETF Sales at RevenueShares ETFs from December 2007 until November of 2009. Before RevenueShares, Paul was employed by Susquehanna International Group from 2000 until 2007 serving in roles including OTC/NYSE Institutional Block Trading, Nasdaq/OTC Market Making, ETF/Derivatives Intelligence and Strategy, Algorithmic Trading, as well as acting as the PHLX Floor Specialist in the ETFs, SPY and DIA.Paul has been actively involved in the ETF space from both a product and trading standpoint since 2000. Additionally, Paul has well forged relationships with national RIAs, institutional pension fund managers and consultants, mutual fund and hedge fund managers, and also the ETF media. Co-authoring the “S1F ETF Daily” since 2009, the daily piece has become a must for many portfolio managers in the ETF space, with segments regularly appearing in the likes of Barron’s, WSJ, and ETFTrends.com for instance.

He holds his Series 4 (Registered Options Principal), 6, 7, 55 (Equity Trader), 63, and 65 licenses. He graduated from the University of Pittsburgh (B.S. – Economics), graduating magna cum laude, and has an MBA from Villanova University.


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