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X I v - The Short Volatility Complex
Short vix t p complex became just truly huge. Sill explain it a little bit. A share of x i v is effectively a full dollar notional equivalent of volatility exposure, as may be, eight times levered to the underlying equity market. On a day when volatility goes up, in order to have the right amount of exposure on a market value basis, something like x i v has to go by VIX features back.