I-VIX yikhodi ebizwa ngokusemthethweni iChicago Board Options Exchange Market Volatility Index (ngeSpanish: Inkomba yemakethe yezinketho ze-Chicago PUT). I-VIX ikhombisa ukuguquguquka okusikiselwe kokukhethwa kukho enkombeni isikhathi esiyizinsuku ezingama-30, ngoba lokhu kubalwa ngokuthatha isilinganiso esilinganisiwe sokungazwakali okusikiselwe kwezingcingo eziyisishiyagalombili ze-OEX bese ubeka izinketho (izinketho ze-S & P 500).
Uma sinenkomba ephansi kakhulu ye-VIX, kusho ukuthi ukungazinzi kuphansi kakhulu ngakho-ke akukho ukwesaba emakethe, okwenza amasheya aqhubeke nokukhuphuka ngokwesaba. Amaconsi amakhulu ezitokisini eza lapho i-VIX iphansi kakhulu futhi iqala ukukhuphuka. Asikho isibalo esiqondile sokukhombisa ukuthi ngabe i-VIX iphezulu noma iphansi, kepha abahlaziyi abaningi bathi a I-VIX engezansi kwama-20 isho ukuthi kunethemba nokuphumula ezimakethe ngenkathi i-VIX engaphezulu kwama-30 isho ukuthi kukhona ukwesaba emakethe futhi kufanele siqaphele ngokusebenza kwethu.
Ukuphela kwento eqhubekayo ezimakethe zamasheya ukushintsha. Ngamanye amagama, ukungazethembi kuhlala kungumngane wabatshalizimali. Kusukela kwethulwe inkomba ye-VIX, ngekusasa nangezinketho okufanele zilandelwe, abatshalizimali bathole ithuba lokuhweba ngaleli zinga lomuzwa wabatshalizimali maqondana nokuntengantenga okuzayo.
Yiziphi izindlela zokuhweba i-VIX?
Ngasikhathi sinye, bebona ukuhlangana okungekuhle phakathi kokuntengantenga nokusebenza kwemakethe yamasheya, abatshalizimali abaningi baye bafuna ukusebenzisa izinsimbi zokungazami ukuvimba amaphothifoliyo abo. Ukuqonda izindlela ezahlukahlukene zokusebenza ku-VIX kufanele ubheke lapho uqala khona. Ngalo mqondo, isici esibalulekile ekuhlolweni kwezimali ezihwebelana ngokushintshaniswa (ama-ETF) namanothi athengiswa ngokushintshaniswa (ama-ETN) axhunyaniswe ne-VIX uqobo. I-VIX iluphawu olubhekisa ku-Chicago Board Options Market Volatility Index. Yize kuvame ukwethulwa njengenkomba yokungazinzi emakethe yesitoko (futhi kwesinye isikhathi kubizwa ngokuthi "Inkomba Yokwesaba") akunembile ngokuphelele.
Inkomba Ye-Volatility Index
Kusukela kwethulwe i-Chicago Board Options Market Volatility Index (VIX), abatshalizimali bathengise lesi silinganiso semizwa yabatshalizimali ekuguquguqukeni kwesikhathi esizayo. Indlela eyinhloko yokusebenzisa i-VIX ukuthenga izimali ezihwebelana ngokushintshaniswa (ama-ETF) namanothi athengiswa ngokushintshaniswa (ama-ETN) aboshelwe kwi-VIX uqobo.
Kunama-ETF amaningi nama-ETN adumile ahlobene ne-VIX, kufaka phakathi i-iPath S&P 500 VIX (VXX) Short-Term Futures ETN kanye neVelocityShares Daily Two-Times VIX (TVIX) yesikhathi esifushane i-ETN. I-VIX iyinhlanganisela enesisindo yamanani entengo yenhlanganisela yezinketho zezinkomba ze-S & P 500, lapho kutholakala khona ukungazethembi okushiwo. Ngamagama alula, i-VIX ilinganisa ngempela ukuthi abantu bazimisele ukukhokha malini ukuthenga noma ukuthengisa i-S & P 500, futhi lapho bezimisele ukukhokha kakhulu kusikisela ukungaqiniseki okwengeziwe.
Le akuyona imodeli yeSikole Esimnyama, i-VIX imayelana nokuzimisela "okushiwo". Ngaphezu kwalokho, ngenkathi i-VIX ivame ukuxoxwa ngaso sonke isikhathi, ayikho i-ETFs noma i-ETNs lapho ebonisa ukungahambi kahle kwe-VIX. Esikhundleni salokho, kungamaqoqo wesikhathi esizayo se-VIX esilinganisa ukusebenza kwe-VIX kuphela.
Izinketho eziningi
Umkhiqizo omkhulu futhi ophumelele kakhulu we-VIX yi-iPath S&P 500 VIX Short-Term Futures ETN. Le ETN yinde ngenyanga yokuqala neyesibili izinkontileka zesikhathi esizayo ze-VIX ezisatshalaliswa nsuku zonke. Ngoba kune-premium yomshuwalense ezinkontilekeni zesikhathi eside, i-VXX ibhekana nokusebenza kwama-roll okungalungile (ngokuyisisekelo, lokho kusho ukuthi abanikazi besikhathi eside bazobona inhlawulo kwimbuyiselo).
Ngenxa yokuthi isimo esishubile siyinto yokuguqula imidiya, i-VXX ivame ukuhweba ngaphezulu kunalokho obekufanele ukwenze ngezikhathi zokushintshashintsha kwamanje okuphansi (amanani entengo ngokulindela ukuguquguquka okuphezulu) futhi yehle ngezikhathi zokuguquguquka kwamanje okuphezulu. (Ukusetha amanani entengo ukwehla kwesimo).
I-iPath S&P 500 VIX Medium-Term Futures ETN (i-ARCA: VXZ) icishe ifane ne-VXX, kepha inezikhundla ngekusasa lenyanga yesine, yesihlanu, yesithupha neyesikhombisa ye-VIX. Ngenxa yalokho, lokhu kuyisilinganiso sokungazinzi kwesikhathi esizayo futhi kuvame ukuba ngumdlalo ongaxegisi kakhulu ekuguquguqukeni. Le ETN ngokuvamile iba nesikhathi esilinganiselwe sezinyanga ezinhlanu futhi ukusebenza okufanayo kwe-swing okungekuhle kuyasebenza - uma imakethe izinzile futhi ukungazinzi kuphansi, inkomba yekusasa izolahlekelwa yimali.
Ukuhweba okulinganiselwe
Kubatshalizimali abafuna ubungozi obuningi, kunezinye izindlela ezinamandla kakhulu. I-ETN VelocityShares Daily yesikhathi esifushane kabili i-VIX (ARCA: TVIX) inikeza amandla amakhulu kune-VXX, futhi lokho kusho ukubuya okuphezulu lapho i-VIX inyuka.
Ngakolunye uhlangothi, le ETN inenkinga efanayo yokusebenza kabi kwamakhompiyutha kanye nenkinga yokuguquguquka kwesimo - ngakho-ke lokhu kuyimali ebizayo yokuthenga nokubamba futhi nephepha lomkhiqizo lakwaCredit Suisse (NYSE: CS) ku-TVIX lithi "uma ubamba i-ETN yakho njengokutshalwa kwemali kwesikhathi eside, kungenzeka ulahlekelwe yikho konke noma ingxenye enkulu yotshalo-mali lwakho. "
Kodwa-ke, kukhona nama-ETFs nama-ETNs kubatshalizimali abafuna ukudlala olunye uhlangothi lwemali yokuguquguquka. I-ETN iPath Inverse S&P 500 VIX yesikhashana emfushane (i-ARCA: XXV) ifuna ukuphindaphinda ukusebenza kokufinyeza i-VXX, kuyilapho i-ETN VIX iDemo Inverse VIX yesikhashana (i-ARCA: XIV) ngokufanayo ifuna ukusebenza kokufushane. Inyanga eyodwa enesisindo esimaphakathi se-VIX esizayo.
Qaphela ukubambezeleka
Abatshalizimali ababheka lawa ma-ETF kanye nama-ETN kufanele babone ukuthi akuzona izikhulu zokumela ezinhlelweni zokusebenza kwendawo ye-VIX. Eqinisweni, lapho ngifunda izinkathi zakamuva zokuntengantenga ku-S & P 500 SPDR (ARCA: SPY) kanye nezinguquko endaweni ye-VIX, ama-proxies enyanga eyodwa e-ETN athatha cishe ikota kuya kwengxenye yokuhamba kwansuku zonke kwe-VIX, ngenkathi iphakathi- Imikhiqizo yethemu yenze okubi kakhulu.
I-TVIX, ene-stroke-leverage yayo, isebenze kangcono (ifana cishe nengxenye kuya kwezine kwezintathu zembuyiselo), kepha ngokungaguquki inikeze ngaphansi kokuphindwe kabili ukubuyiswa kwensimbi yenyanga eyodwa ejwayelekile. Ngaphezu kwalokho, ngenxa yebhalansi engemihle nokungahleleki okusilele kuleyo ETN, iqiniso lokuthi yahlala isikhathi eside kakhulu ngemuva kwezikhathi zokuntengantenga kwaqala ukonakalisa kakhulu imbuyiselo.
Uma abatshalizimali befuna ukugembula ngokungaguquguquki kwemakethe yamasheya noma bakusebenzise njengothango, imikhiqizo ye-ETF ne-ETN ehlobene ne-VIX yamukelekile kepha inezinsimbi ezinamaphutha kakhulu. Impela banesici esilula kubo, njengoba behweba njenganoma yisiphi esinye isitoko.
Beka amakhono akho okuhweba esivivinyweni ngesitimela samahhala sokuqinisekisa ukuhweba. Qhudelana nezinkulungwane zabathengisi futhi uxoxisane ngendlela yakho eya empumelelweni! Yethula ukuhweba endaweni ebonakalayo ngaphambi kokuba uqale ukubeka engcupheni imali yakho. Prakthiza amasu okuhweba ukuze kuthi lapho usukulungele ukungena emakethe yangempela, ube nomkhuba owudingayo.
I-Chicago Board Options Exchange Volatility Index (inkomba ye-VIX) iheha abahwebi nabatshalizimali ngoba imvamisa inyuka kakhulu lapho izimakethe zezimali zase-US ziwa. Eyaziwa njengemitha yokwesaba, inkomba ye-VIX ikhombisa ukubukeka kwemakethe yesikhashana yesimo sokushintshashintsha kwentengo yesitoko, njengoba kususelwa kumanani entengo we-S & P 500.
Izimakethe zesikhathi esizayo
Inselelo ukuthi abatshalizimali abakwazi ukufinyelela enkombeni ye-VIX. Ngale ndlela, ama-ETF we-VIX akhona, kepha empeleni alandelela izinkomba ze-VIX zesikhathi esizayo, ezidala izinselelo ezimbili ezinkulu:
I-VIX ETFs ayibonisi inkomba ye-VIX. Nganoma yisiphi isilinganiso, izinkomba zekusasa le-VIX, ngakho-ke ama-ETF e-VIX, zenza umsebenzi omuhle wokulingisa inkomba ye-VIX. Inkomba ye-VIX empeleni ayiguquki, futhi ngezikhathi zenyanga noma zonyaka, iphethini yokubuyisa ye-VIX ETFs izohluka kakhulu kunkomba ye-VIX.
Ama-ETF we-VIX athambekele ekulahlekelweni yimali, imali ebalulekile, isikhathi eside… Ama-ETF e-VIX asemuseni wejika lekusasa le-VIX, ancike kulo ekuvezweni. Ngoba isimo esivamile sejika siyi-bullish (indawo), ama-VIX ETFs abona izikhundla zawo zehla ngokuhamba kwesikhathi. Ukwehla kokuvezwa kwabo kubashiya nemali encane yokuqhubekela enkontilekeni elandelayo lapho le yamanje iphela. Le nqubo iyaziphinda, iholele ekulahlekelweni okukhulu kwamadijithi amabili phakathi nonyaka ojwayelekile. Lezi zimali cishe zihlala zilahlekelwa yimali ngokuhamba kwesikhathi.
Emhlabeni wangempela, abathengisi bahlala kuma-VIX ETFs usuku olungu-1, hhayi unyaka owodwa. Ama-ETF e-VIX angamathuluzi esikhathi esifushane asetshenziswa abathengisi. Imikhiqizo efana ne-VXX
Ama-ETN anoketshezi olumangalisayo, imvamisa athengisa ngaphezu kwezimpahla zawo eziphelele ngaphansi kokuphathwa, noma i-AUM, ezinsukwini ezi-1 noma ezi-2 zokuhweba. Abahwebi bacabanga ngama-VIX ETFs ngoba banikela ngezindlela ezihamba phambili (noma ezimbi kakhulu) zokufika enkombeni ye-VIX esikhathini esifushane kakhulu. Okubizwa nge- "term short" VIX ETFs kunikeza ukuzwela okungcono kosuku olungu-1 enkombeni ye-VIX kune- "term term" VIX ETFs.
Ukuthengiselana ngezimali ezidayiselwa ukushintshaniswa
Ama-ETF e-VIX awawona ama-ETF ngomqondo oqinile. Bafika kuma-ETN noma izakhiwo zamachibi womkhiqizo, hhayi njengezikhwama ezihlanganyelwe zendabuko. Ama-ETN athwala ubungozi bokufana bokukhipha amabhange (okuvame ukuba phansi), kuyilapho izimali zempahla mutual zikhipha ngesikhathi sentela.
Ama-ETF we-VIX eza nama-flavour ngaphandle komdlalo omsulwa ochazwe ngenhla. Ama-ETF wokumboza we-VIX aphethe izikhundla ezinkulu zokulingana kanye nembondela yokuvezwa kwesikhathi esizayo kwe-VIX. Inhloso yawo ukunciphisa ubungozi bokuwa kwesitoko, kepha ukuthwala noma ukuzama ukunciphisa izindleko eziphakeme zokuchayeka esikhathini eside esikhathini esizayo se-VIX.
Ngakho-ke ekuphetheni, uma ufuna ukuthola ukuvezwa kwe-VIX izinsuku ezimbalwa, kukhona imikhiqizo ekhona lapho kuwe, kepha mhlawumbe ngaphezu kwanoma iyiphi enye ingxenye yemakethe ye-ETF - umthengi qaphela!
I-VIX iyisilinganiso sokuntengantenga okulindelekile emakethe yamasheya yase-US ezinsukwini ezingama-30 ezizayo. Iphethwe yinkampani ye-CBOE Global Markets ngokuya ngentengo yezingcingo ezahlukahlukene nokubeka izinketho ezihlobene nenkomba ye-S & P 500.
Izinketho zezingcingo zivumela umuntu ukuthi athenge isitoko noma enye impahla ngentengo ethile, ebizwa ngentengo yesiteleka, ngesikhathi esithile. Izinketho zokubeka zikuvumela ukuthi uthengise isabelo noma impahla ngentengo yesiteleka ngesikhathi esithile.
Izinketho zezingcingo, ezithatha igama lazo ocingweni lokulethwa kwempahla, zikhuphuka ngenani lapho inani lempahla kungenzeka kakhulu noma kulindeleke ukuthi leqe inani lesiteleka, njengoba likuvumela ukuthi uthenge isitoko ngenani lentengo. Ngakolunye uhlangothi, faka izinketho zikhuphuke ngenani lapho intengo yempahla kungenzeka ukuthi ibe ngaphansi kwenani lesiteleka, ngoba noma ngubani ongakhetha angathengisa impahla ngokungaphezulu kokufanele.
Izintengo zokukhetha zingasetshenziswa ngempumelelo ukubamba imizwa yabatshalizimali mayelana nokushintshashintsha kwesikhathi esizayo ku-S & P 500. Lesi silinganiso saziwa kakhulu njengeWall Street Fear Meter, njengoba sikhuphuka lapho abantu belindele ushintsho olubukhali kumanani ezitoko ezingenza kube nzima tshala imali kunokuba ukhuphuke kahle, wehle, noma ume amanani.
Ukuvela kwe-VIX
I-VIX yaqala ukwenziwa ekuqaleni kweminyaka yama-90s kususelwa kunkomba ye-S & P 100. Akulungile ngokwezobuchwepheshe ukusho ukuthi i-VIX yake yanikezwa umphakathi okokuqala, njengoba kungesona isitoko esidlule kwinqubo ye-IPO., Kodwa inkomba yaqala ukubonakala ngokusemthethweni ngo-1993.
Kusukela lapho, kuye kwavela kwezinye izici zobuchwepheshe ukuze kube nokuguquguquka okungcono kwemakethe yangakusasa, futhi namuhla kusekelwe enkombeni ye-S & P 500. Leyo nkomba ilandelela ukusebenza kwezinkampani eziphezulu ezingama-500 zase-US emakethe yamasheya futhi, kukodwa nje, okuvame ukubonwa njengesibonakaliso sokusebenza kwemakethe yonke futhi kuyisisekelo sezimali eziningi zezinkomba ezivumela abatshalizimali ukuthi bazame ukwenza inzuzo ngokunyuka okujwayelekile kwamanani emakethe yamasheya.
I-CBOE iphinde yethule ezinye izinkomba zokungazinzi, kufaka phakathi inkomba yesikhashana yokuguquguquka ebizwa nge-VXST, esekwe ekuhlaziyweni kwezinsuku eziyisishiyagalolunye kokungaziphathi kahle kwe-S & P 500. Enye inkomba, i-S & P 3-Month Volatility Index 500, noma IVXV, inombono omude, kanti i-S & P 6 500-Month Volatility Index, noma i-VXMT, ibheka iwindi elide kakhulu.
Ezinye izinkomba zokushintshashintsha kwe-CBOE zibheka ukusebenza kwamasheya kuma-indices ngaphandle kwe-S & P 500. Isibonelo, izinkomba zokuguquguquka zishicilelwa yi-CBOE ngokususelwa kunkomba ye-Nasdaq-100 yezobuchwepheshe, i-Dow Industrial Average edumile. I-Jones ne-Russell 2000 Index , egxile ezinkampanini ezingama-2.000 XNUMX ezinemali emincane kakhulu, noma inani lemakethe eligcwele.
Ngokomlando, ezimeni ezijwayelekile zemakethe, i-VIX ibisineminyaka engamashumi amabili, yize kwaziwa ukuthi inyukela phezulu noma ngaphezulu kwe-100 phakathi nemicimbi ehlukahlukene yemakethe efana nenkinga yezezimali yango-2008. Lapho i-VIX ithengisela abangaphansi kwama-20 kuvame ukubonwa njengophawu lokuguquguquka kwemakethe ephansi.
Ukuhweba i-VIX
Igama elithi VIX ukuhweba lisho ukwenza ukuthengiselana kwezezimali lapho imali izokwenziwa noma ilahlwe ngokuya ngokuqondiswa kwe-VIX. Lokho wukuthi, empeleni wenza ukubikezela mayelana nokwanda noma ukwehla kokuntengantenga kwemakethe futhi ulungiselela ukwenza noma ulahlekelwe yimali uma lokho kubikezela kugcwaliseka.
Kunezindlela eziningana zokuhweba ngokususelwa kulokho okulindele kwi-VIX futhi ungazidayisa ngokuya ngezidingo zakho emhlabeni wokutshala imali. Lapho zingahlali zifana njalo kuwo wonke umzuzu nezimo. Ukuze ekugcineni uthole imiphumela oyilindeleyo ekusebenzeni ngakunye ezimakethe zezimali kusukela manje kuqhubeke. Imvamisa kubonakala njengesibonakaliso sokuntengantenga kwemakethe okuphansi.