share_log

Why The VXX Volatility ETN Is Soaring On Tuesday

Why The VXX Volatility ETN Is Soaring On Tuesday

为什么VXX波动率ETN指数周二飙升
Benzinga Real-time News ·  2022/03/15 14:10

On Monday, Barclays PLC (NYSE:BCS) announced it would be suspending the sale and issuance of two popular exchange-traded notes (ETNs) due to capacity constraints. After trading in tandem throughout most of 2022, the Barclays iPath Series B S&P 500 VIX Short-Term Futures ETN (BATS:VXX) and the Barclays Bank iPath Pure Beta Crude Oil ETN (BATS:OIL) have diverged in a major way this week following the announcement.

周一,巴克莱银行(纽约证券交易所代码:BCS)宣布,由于产能限制,将暂停销售和发行两种广受欢迎的交易所交易票据(ETN)。在经历了2022年的大部分时间后,巴克莱iPath B系列标普500波动率指数短期期货ETN(BATS:VXX)和巴克莱银行iPath Pure Beta原油ETN(蝙蝠:石油)在宣布这一消息后,本周出现了重大分歧。

OIL And VXX Explained: The VXX is one of the most popular ways for investors to trade stock market volatility. The VXX tracks the Chicago Board Options Exchange Volatility Index, while the OIL ETN tracks the S&P GSCI Crude Oil Total Return Index.

OIL和VXX解释说:VXX是投资者交易股市波动性最受欢迎的方式之一。VXX跟踪芝加哥期权交易所波动率指数,而石油ETN跟踪标准普尔GSCI原油总回报指数。

Related Link: Good As Gold: Investors Haven't Given Up On The Traditional Safe Haven

相关链接:好得像黄金:投资者并未放弃传统的避风港

Because ETNs are issued as senior debt notes and are not actually ownership shares of an underlying commodity, they are more like bonds than ETFs are. On Monday, Barclays said it currently does not have the capacity to support additional sales of either ETN or issue additional shares, leading market experts to speculate that Barclays may simply be attempting to reduce its risk. It also creates the opportunity for a potential short squeeze, which may have already begun.

由于ETN是以优先债务票据的形式发行的,实际上并不是标的大宗商品的所有权股份,因此它们更像债券,而不是ETF。周一,巴克莱表示,它目前没有能力支持额外出售ETN或增发股票,这让市场专家猜测,巴克莱可能只是在试图降低风险。它还为潜在的空头挤压创造了机会,而这种挤压可能已经开始了。

Short Squeeze? Ihor Dusaniwsky, managing director of predictive analytics at S3 Partners, estimates about 90% of the VXXs shares were held short as of earlier this week. Once share creation stopped, short sellers lost access to a source of new shares to borrow.

短时间的挤压? Ihor Dusaniwsky他估计,截至本周早些时候,约有90%的VXX股票是空头持有的。一旦股票发行停止,卖空者就无法获得可供借贷的新股来源。

Since last week's close, the OIL ETN is down 7.8% while the VXX fund is up 27.5%. The fact that the underlying VIX volatility index was down 2.9% on Tuesday, while the VXX fund was up 10.7% in midday trading, suggests a short squeeze could be in play.

自上周收盘以来,石油ETN指数下跌7.8%,而VXX基金上涨27.5%。周二基础波动率指数下跌2.9%,而VXX基金在午盘交易中上涨10.7%,这表明可能存在空头挤压。

Benzinga's Take: Traders should be extremely careful trying to time a potential short squeeze and any eventual pullback in the VXX. Short squeezes are notoriously volatile and unpredictable, even to some of the most experienced stock traders.

本辛加的观点:交易员应该非常小心地试图把握VXX指数可能出现的空头挤压和任何最终回调的时机。做空是出了名的不稳定和不可预测,即使对一些最有经验的股票交易员来说也是如此。

声明:本内容仅用作提供资讯及教育之目的,不构成对任何特定投资或投资策略的推荐或认可。 更多信息
    抢沙发