UBS became the latest issuer to introduce a product linked to a VIX-related index on Wednesday, launching the E-TRACS Daily Long-Short VIX ETN (XVIX). The new exchange-traded note, which is linked to the S&P 500 VIX Futures Term-Structure Index Excess Return, is the first U.S.-listed ETP to offer investors exposure to a strategy that includes both long and short exposure to VIX benchmarks. The underlying index is a composite that measures the return from taking a long 100% position in the S&P 500 VIX Mid-Term Futures Index Excess Return with a short 50% position in the S&P 500 VIX Short-Term Futures Index Excess Return. The positions are rebalanced on a daily basis. The CBOE Market Market Volatility Index, better known as the VIX, is a widely followed indication of the market’s expectation for volatility in U.S. equities over the next 30 days. Because the index is computed based [...] Click here to read the original article on ETFdb.com.