I-VIX yikhowudi yento ebizwa ngokusemthethweni ukuba yiChicago kwiBhodi yeeNketho kwiMarike yokuTshintshiselana kweNtengo (ngesiSpanish: iChicago PUT iinketho zentengiso yesimo sokungazinzi) I-VIX ibonisa ukungazinzi okuchaziweyo ekukhethweni kwisalathiso kangangexesha leentsuku ezingama-30, kuba oku kubalwa ngokuthatha umndilili obekiweyo wokungaziphathi kakuhle kweefowuni ezisibhozo ze-OEX kwaye ubeke ukhetho (ukhetho lwe-S & P 500).
Xa sinesalathiso se-VIX esisezantsi kakhulu, oko kuthetha ukuba ukungazinzi kuphantsi kakhulu kwaye ke ngoko akukho loyiko kwimarike, eyenza ukuba amasheya aqhubeke nokunyuka ngeentloni. Amaconsi amakhulu esitokisini eza xa i-VIX iphantsi kakhulu kwaye iqala ukunyuka. Akukho manani ngqo abonisa ukuba i-VIX iphezulu okanye iphantsi, kodwa abahlalutyi abaninzi bathi a I-VIX engezantsi kwama-20 kuthetha ukuba kukho ithemba Ukuphumla kwiimarike ngelixa i-VIX engaphezulu kwama-30 kuthetha ukuba kukho uloyiko kwintengiso kwaye kufuneka silumke ngemisebenzi yethu.
Ukuhlala kuphela kwiimarike zesitokhwe kukutshintsha. Ngamanye amagama, ukungazinzi liqabane elihlala lihleli kubatyali mali. Oko kwaqaliswa isalathiso se-VIX, ngekamva kunye nokukhetha ukulandela, abatyali mali banakho ukukhetha ukuthengisa le milinganiselo yotyalomali ngokubhekisele kwimo yokungazinzi kwixesha elizayo.
Zeziphi iindlela zokuthengisa i-VIX?
Kwangelo xesha, beqonda ulungelelwaniso olubi ngokubanzi phakathi kokungazinzi kunye nokusebenza kwemarike yesitokhwe, abatyali mali abaninzi baye bafuna ukusebenzisa izixhobo zokungazinzisi ukubiyela iiphothifoliyo zabo. Ukuqonda iindlela ezahlukeneyo zokusebenza kwi-VIX kuya kufuneka uthathele ingqalelo indawo yokuqala. Ngale ndlela, into ebalulekileyo kuvavanyo lweemali ezithengiswayo (ii-ETFs) kunye namanqaku athengiswayo (i-ETNs) axhumene ne-VIX uqobo. I-VIX luphawu olubhekisa kwiBhodi yeChicago yeeNketho zeXabiso leMakethi yokuThengisa. Nangona ihlala ibonakaliswa njengesalathiso sokungazinzi kwemarike yemasheya (kwaye ngamanye amaxesha ibizwa ngokuba yi "Index Index") ayichanekanga kwaphela.
Isalathiso seVolatility Index
Ukusukela oko i-Chicago Board Options Market Market Volatility Index (VIX) yaziswa, abatyali mali bathengise eli nyathelo lotyalo mali kwixesha elizayo lokungazinzi. Indlela ephambili yokusebenzisa i-VIX kukuthenga iimali ezithengiswa ngotshintshiselwano (ii-ETFs) kunye namanqaku athengiswayo (ETNs) abotshwe kwi-VIX uqobo.
Zininzi ii-ETFs kunye nee-ETN ezidumileyo ezinxulumene ne-VIX, kubandakanya iPath S&P 500 VIX (VXX) yeXesha elifutshane le-ETN kunye neVelocityShares yemihla ngemihla yamaXesha amabini i-VIX (TVIX) yexesha elifutshane i-ETN. I-VIX ngumxube oxutyiweyo wamaxabiso omxube we-S & P 500 yeenketho zesalathiso, apho kutholakale khona ukungazinzi. Ngamagama alula, i-VIX inyathela ngokwenyani ukuba bangakanani abantu abazimiseleyo ukuhlawula ukuthenga okanye ukuthengisa i-S & P 500, kwaye kokukhona bazimisele ukuhlawula kuphakamisa ukungaqiniseki okungakumbi.
Le ayisiyiyo imodeli yeSikolo esiMnyama, i-VIX konke malunga "nokunyanzeliswa". Ngaphezu koko, ngelixa i-VIX ihlala ixoxwa rhoqo, akukho nanye ye-ETFs okanye i-ETN ngaphandle apho ibonisa ukungazinzi kwe-VIX. Endaweni yoko, yingqokelela yexesha elizayo le-VIX eliqikelela kuphela ukusebenza kwe-VIX.
Uninzi lwezinto onokukhetha kuzo
Imveliso enkulu kunye neyona mpu melelo ye-VIX yi-iPath S&P 500 VIX yeXesha elifutshane le-ETN. Le ETN inde kwinyanga yokuqala neyesibini ye-VIX yezivumelwano zexesha elizayo ezisasazeka mihla le. Kuba kukho ipremiyamu ye-inshurensi kwizivumelwano zexesha elide, i-VXX inamava okungasebenzi kakuhle (oko kukuthi, abanini bexesha elide baya kubona isohlwayo kwimbuyekezo).
Kuba ukungazinzi yinto yokuguqula imithombo yeendaba, i-VXX ihlala ithengisa ngaphezulu kunokuba kufanelekile ngexesha lokungazinzi okukhoyo ngoku (amaxabiso kulindelo lokungazinzi okuphezulu) kunye namaxesha asezantsi ngexesha lokungazinzi okuphezulu okwangoku. (Ukuseta amaxabiso ukubuyisa ukungazinzi).
I-iPath S&P 500 VIX Medium Term Futures ETN (ARCA: VXZ) icwangciswe ngendlela efanayo ne-VXX, kodwa ibambe isikhundla kwikota yesine, yesihlanu, yesithandathu neyesixhenxe ye-VIX. Ngenxa yoko, oku kungaphezulu komlinganiso wokungazinzi kwixesha elizayo kwaye ithande ukuba ngumdlalo ongazinzanga kakhulu kwimo yokungazinzi. Le ETN ihlala inexesha eliphakathi leenyanga ezintlanu kwaye ukusebenza okufanayo kokujika okungalunganga kuyasebenza - ukuba intengiso izinzile kwaye ukungazinzi kuphantsi, isalathiso sexesha elizayo siza kuphulukana nemali.
Urhwebo oluxhasiweyo
Kubatyalomali abafuna umngcipheko ongaphezulu, kukho iindlela ezizezinye ezinamandla kakhulu. Ixesha elifutshane le-ETN VelocityShares yemihla ngemihla ephindwe kabini i-VIX (ARCA: TVIX) ibonelela ngaphezulu kwe-VXX, kwaye oko kuthetha ukubuya okuphezulu xa i-VIX inyuka.
Kwelinye icala, le ETN inomcimbi ofanayo wokungasebenzi kakuhle kunye nomcimbi wokungazinzi - ke oku kuyabiza kakhulu kwaye kubambe isikhundla kwaye necredit Suisse's (NYSE: CS) eyakhe iphepha lemveliso kwiTVIX ithi "ukuba ubambe i-ETN yakho Njengotyalo-mali lwexesha elide, ungaphulukana nayo yonke okanye inxalenye enkulu yotyalo-mali lwakho. "
Nangona kunjalo, kukho ii-ETFs kunye nee-ETNs kubatyali mali abafuna ukudlala kwelinye icala le ngqekembe yokungazinzi. Ixesha elifutshane le-ETN iPath Inverse S&P 500 VIX (ARCA: XXV) ngokusisiseko ifuna ukuphinda-phinda ukusebenza kwe-VXX, ngelixa elifutshane i-ETN VIX yemihla ngemihla ye-VIX (ARCA: XIV) ngokufanayo ifuna ukusebenza kokufutshane. kwinyanga enye umndilili we-VIX wokukhula kwexesha elizayo.
Kulumkele ukulibaziseka
Abatyalomali abajonga ezi-ETFs kunye nee-ETNs kufuneka baqonde ukuba ayizizo iiproxies ezinkulu zokwenza indawo ye-VIX. Ngapha koko, xa ufunda amaxesha amatsha okuguquguquka kwi-S & P 500 SPDR (ARCA: SPY) kunye notshintsho kwindawo ye-VIX, inyanga yenyanga enye ye-ETN proxies ezithathiweyo malunga nekota ukuya kwisiqingatha seentshukumo zemihla ngemihla ze-VIX, ngelixa iphakathi- Iimveliso zekota zenze mandundu ngakumbi.
I-TVIX, kunye ne-stroke-stroke ye-leverage, yenza ngcono (ukulinganisa malunga nesiqingatha ukuya kwikota ezintathu zembuyekezo), kodwa ngokungaguquguqukiyo kubonelela ngaphantsi kokuphindwe kabini ukubuya kwesixhobo esiqhelekileyo senyanga enye. Ngaphaya koko, ngenxa yokulinganisela okungalunganga kunye nokungazinzi kokuhlala kwi-ETN, inyani yokuba ibambe ixesha elide kakhulu emva kwexesha lokungazinzi iqalile ukonakalisa kakhulu imbuyekezo.
Ukuba abatyali mali bafuna ukubheja ngokungazinzi kwimarike yemasheya okanye bayisebenzise njengothango, i-ETF kunye neemveliso ze-ETN ezinxulumene ne-VIX zamkelekile kodwa zineziphene. Ngokuqinisekileyo banomdla wokuqina kubo, njengoko bethengisa njengaso nasiphi na isitokhwe.
Beka izakhono zakho zokurhweba kuvavanyo ngesitayile simahla sokuqinisekisa ukuthengisa. Khuphisana namawaka wabarhwebi kwaye thethana ngendlela yakho uye kwimpumelelo! Yenza urhwebo kwindawo ebonakalayo ngaphambi kokuba uqale ukubeka emngciphekweni imali yakho. Ziqhelanise neendlela zokurhweba ukuze xa ukulungele ukungena kwimarike yokwenyani, ubukhe wanendlela oyifunayo.
I-Chicago Board Options Exchange Exchange Volatility Index (isalathiso se-VIX) itsala abathengisi kunye nabatyali mali kuba ihlala iphindaphindeka kakhulu xa iimarike zokulingana zase-US zitshona. Eyaziwa ngokuba yimitha yoloyiko, isalathiso se-VIX sibonisa imeko yexesha elifutshane yentengiso yokuguquguquka kwexabiso lesitokhwe, njengoko lisuselwa kwixabiso le-S & P 500.
Iimarike zexesha elizayo
Umceli mngeni kukuba abatyali mali abanakho ukufikelela kwisalathiso se-VIX. Ngale ndlela, ii-ETF ze-VIX zikhona, kodwa zilandelela ii-indices ze-VIX zexesha elizayo, ezenza imiceli mngeni emibini:
Ii-ETF ze-VIX azibonisi isalathiso se-VIX. Ngawuphi na umlinganiso, ii-indices ze-VIX zexesha elizayo, kwaye ke ii-ETF ze-VIX, zenza umsebenzi ombi wokulinganisa isalathiso se-VIX. Isalathiso se-VIX ngenene asinakuguqulwa, kwaye kumaxesha enyanga okanye unyaka, indlela yokubuyela ye-VIX ETFs iya kwahluka kakhulu kwisalathiso se-VIX.
Ii-ETF ze-VIX zihlala zilahlekelwa yimali, imali ebalulekileyo, ixesha elide… ii-ETF ze-VIX zikwinceba yekamva lekamva le-VIX, exhomekeke ekubonakalisweni. Ngenxa yokuba imeko yesiqhelo yekheve iyakhokelela (indawo), ii-VIX ETFs zibona izikhundla zazo zincipha ngokuhamba kwexesha. Ukwehla kokuvezwa kwabo kubashiya nemali encinci yokuqhubela phambili kwikontrakthi elandelayo xa iphelelwa lixesha. Inkqubo iyaphinda iyaziphinda, ikhokelela kwilahleko enkulu enamanani aphindwe kabini kwisithuba sonyaka oqhelekileyo. Ezi mali ziphantse zilahlekelwe yimali ekuhambeni kwexesha.
Kwilizwe lokwenyani, abarhwebi bahlala kwii-VIX ze-ETF zosuku olunye, hayi unyaka omnye. Ii-ETF ze-VIX zizixhobo zexesha elifutshane ezisetyenziswa ngabarhwebi. Iimveliso ezinjengeVXX
Ii-ETNs zilulwelo olumangalisayo, zihlala zithengisa ngaphezulu kweempahla zazo eziphantsi kolawulo, okanye i-AUM, kwiintsuku ezi-1 okanye ezi-2 zokurhweba. Abarhwebi bacingela ii-ETF ze-VIX kuba banikela ngeyona ndlela ilungileyo (okanye ubuncinci kakhulu) yokufumana isalathiso se-VIX kwixesha elifutshane kakhulu. Okubizwa ngokuba "lixesha elifutshane" i-VIX ETFs zibonelela ngcono ubuntununtunu bosuku olunye kwisalathiso se-VIX kune "thuba eliphakathi" le-VIX ETFs.
Intengiselwano kwiimali zothengiso-mali
Ii-ETF ze-VIX azizizo ii-ETFs ngengqondo engqongqo. Beza kwii-ETNs okanye kwimveliso yeephuli zemveliso, hayi njengemali yemveli. Ii-ETNs zithwala umngcipheko (oqhelekileyo ophantsi) wokukhutshwa kweebhanki, ngelixa ukuhanjiswa kwemali kuthengiswa ngexesha lerhafu.
Ii-ETF ze-VIX ziza kwiincasa ngaphandle komdlalo omsulwa ochazwe apha ngasentla. I-VIX yokuBamba ii-ETFs zibambe iindawo ezinkulu zokulingana kunye nokugqunyelelwa kwexesha elizayo le-VIX. Injongo yayo kukunciphisa umngcipheko wokuwa kwesitokhwe, kodwa kukuthwala okanye ukuzama ukunciphisa iindleko eziphezulu zokuvezwa kwexesha elide kwikamva le-VIX.
Ukuqukumbela, ukuba ujonge ukuvezwa kwi-VIX kangangeentsuku ezimbalwa, kukho iimveliso ezenzelwe wena, kodwa mhlawumbi ngaphezulu kwayo nayiphi na enye ikona yentengiso ye-ETF - umthengi ulumke!
I-VIX linyathelo lokungazinzi okulindelekileyo kwimarike yemasheya yase-US kwiintsuku ezingama-30 ezizayo. Ilawulwa yinkampani ye-CBOE Global Markets esekwe kwixabiso leefowuni ezahlukeneyo kwaye ubeke iinketho ezinxulumene nesalathiso se-S & P 500.
Izinketho zokufowuna zivumela umntu ukuba athenge isitokhwe okanye enye into ngexabiso elithile, elibizwa ngokuba lixabiso lesitrayikhi, ngexesha elithile. Beka ukhetho lukuvumela ukuba uthengise isabelo okanye iiasethi ngexabiso lesitrayikhi ngexesha elithile.
Izinketho zokufowuna, ezithatha igama labo kwifowuni yokuhanjiswa kwempahla, yenyuka ngexabiso xa ixabiso leasethi lisenokwenzeka okanye kulindeleke ukuba lidlule kwixabiso lesitrayikhi, njengoko zikuvumela ukuba uthenge isitokhwe ngexabiso lentengo. Ngokuchasene noko, beka ukhetho kunyuke ngexabiso xa ixabiso le-asethi kunokwenzeka ukuba lingaphantsi kwexabiso lesitrayikhi, kuba nabani na onokhetho uya kuba nakho ukuthengisa i-asethi ngaphezulu kunokuba kufanelekile.
Amaxabiso okukhetha anokusetyenziswa ngokufanelekileyo ukubamba iimvakalelo zabatyali zimali malunga nokuhla kwexesha elizayo kwi-S & P 500. Eli nyathelo lidume ngokuba yiWall Street Fear Meter, njengoko inyuka xa abantu belindele utshintsho olukhulu kumaxabiso esitokhwe esingenza kube nzima utyalomali endaweni yokunyuka kwamaxabiso, ukuwa, okanye ukuma kwamaxabiso.
Ukuvela kweVIX
I-VIX yaqala ukuphuhliswa kwii-90s zakuqala ngokusekwe kwisalathiso se-S & P 100. Ayilunganga ngobuchwephesha ukuba i-VIX ikhe yanikezwa esidlangalaleni okokuqala, njengoko ingesiso isitokhwe esiye sagqitha kwinkqubo ye-IPO., Kodwa Isalathiso saqala ngo-1993.
Ukusukela ngoko, iye yavela kwezinye izinto zobuchwephesha ukuya kubuchwephesha obuthelekelelweyo bexesha elizayo, kwaye namhlanje isekwe kwisalathiso se-S & P 500. Esi salathisi silandelela ukusebenza kweenkampani eziphezulu ze-500 zase-US kwimarike yemasheya kwaye, kukodwa, kunjalo ihlala ibonwa njengesalathiso sentsebenzo iyonke yemarike kwaye sisiseko seemali ezininzi zesalathiso ezivumela abatyali mali ukuba bazame ukwenza imali kunyuso jikelele kumaxabiso emarike yemasheya.
I-CBOE ikwazise ezinye ii-indices zokungazinzi, kubandakanya isalathiso sethuba elifutshane elibizwa ngokuba yi-VXST, esekwe kuhlalutyo lweentsuku ezilithoba lokungaziphathi kakuhle kwe-S & P 500. Esinye isalathiso, i-S & P 3-Month Volatility Index 500, okanye I-VXV, inembonakalo ende, kwaye i-S & P 6 ye-500-Inyanga yeVolatility Index, okanye iVXMT, ijonge nakwifestile ende.
Ezinye ii-indices ze-CBOE volatility indices zijonga ukusebenza kwesitokhwe kwii-indices ngaphandle kwe-S & P 500. Umzekelo, ii-indices zokuguquguquka zipapashwa yi-CBOE ngokusekwe kwisalathiso se-Nasdaq-100 esine-teknoloji, i-Dow Industrial Average edumileyo. UJones kunye neRussell 2000 Index , egxile kwiinkampani ezingama-2.000 XNUMX ezinemali encinci, okanye ixabiso elipheleleyo lemarike.
Ngokwembali, ngexesha leemeko zentengiso, i-VIX ibikwiminyaka yamashumi amabini, nangona ibisaziwa ukuba inyuke isondele okanye ngaphezulu kwe-100 ngexesha lezehlo zentengiso zembali ezinje ngengxaki yemali ka-2008. Xa i-VIX ithengisa ngaphantsi kwe-20 iqhelekile ibonwa njengophawu lokungazinzi kwintengiso ephantsi.
Ukurhweba nge-VIX
Igama elithi VIX lokurhweba libhekisa ekwenzeni imicimbi yezemali apho imali iyakwenziwa okanye ilahleke ngokusekwe kwicala le-VIX. Oko kukuthi, wenza uqikelelo malunga nokonyuka okanye ukwehla kokungazinzi kweemarike kwaye ulungiselela ukwenza okanye ulahlekelwe yimali ukuba eso siprofetho siyenzeka.
Zininzi iindlela zorhwebo ngokusekwe kulindelo lwakho lwe-VIX kwaye unokuzithengisa ngokusekwe kwiimfuno zakho kwilizwe lotyalo-mali. Apho abayi kuhlala befana ngalo lonke ixesha nemeko. Ukuze ekugqibeleni ufumane iziphumo ozilindeleyo kwimisebenzi nganye kwiimarike ze-equity ukusukela ngoku. Ihlala ibonwa njengophawu lokungazinzi kwintengiso ephantsi.