Looking To Play A Potential Volatility Spike Ahead Of Big Earnings? This ETF Offers 1.5X Leverage
Portfolio Pulse from Melanie Schaffer
Ahead of Apple and Amazon's earnings reports, the SPDR S&P 500 (NYSE:SPY) opened lower, while the CBOE Volatility Index (CBOE: VIX) surged over 10%. The ConvexityShares Daily 1.5x SPIKES Futures ETF (NYSE:SPKY) was trading over 3% higher after closing up 14% the previous day. SPKY, a 1.5x leveraged fund, tracks the SPIKES Futures Short-Term Index and measures volatility in a similar way to the ProShares Ultra VIX Short Term Futures ETF (NYSE:UVXY).
August 04, 2023 | 2:04 pm
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POSITIVE IMPACT
SPKY was trading over 3% higher after closing up 14% the previous day.
The increase in SPKY's price is likely due to investors seeking to profit from potential volatility ahead of Apple and Amazon's earnings reports.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
UVXY measures volatility in a similar way to SPKY.
UVXY was mentioned in the context of its similarity to SPKY in terms of how they measure volatility. The news does not directly impact UVXY's price.
CONFIDENCE 90
IMPORTANCE 50
RELEVANCE 50
NEGATIVE IMPACT
SPY opened lower ahead of Apple and Amazon's earnings reports.
The anticipation of Apple and Amazon's earnings reports has caused a drop in SPY's price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80