This ETF offers investors a way to access equity market volatility, an asset class that may have appeal thanks primarily to its negative correlation to U.S. and international stocks. The VIX index tends to spike when anxiety increases, and as such often moves in the opposite direction of stocks. However, it's important to note that TVIX does not represent a spot investment in the VIX, but rather is linked to a leveraged index comprised of VIX futures. As such, the performance of this product will often vary significantly from a hypothetical investment in the VIX (which isn't possible to establish). The focus on short-dated futures increases the correlation to the VIX, but also increases the potential for the adverse impacts of contango. Longer-dated leveraged options such as TVIZ, may be appropriate for longer holding periods but will be less volatile as well. This ETN should never be held over the long term in a buy-and-hold portfolio; it is designed as a trading instrument that appeals to those looking to place a leveraged short term bet against the market or use as a hedging tool.
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