For the better part of two years, investors who bet that stocks would move calmly have been kings: Stocks went up, and up, and up, with barely a hiccup. Measures of calm—how much volatility there is in daily prices—aren’t things you can buy and sell. They’re just numbers. Derivatives exists to bet on where the numbers will be in the future, but for many investors a more attractive option was a product that could be traded on an exchange. One such product, the VelocityShares Daily Inverse VIX Short Term exchange-traded note, was valued based on an index calculated from derivatives...

Source: Wall Street Journal February 06, 2018 13:38 UTC