2018年一夜跌掉90%多的是做空VIX的ETPs - XIV and SVXY, etc...

當天VIX漲了100%，它們是做空一個月以後的VIX future, 雖然future白天沒有漲100%。股市關盤後期貨市場出現short squeeze, 典型的liquidity risk. 瑞銀的XIV was liquidated. 隻剩6%. 另一隻SVXY改變法則，-1/2x track vix.  殘喘延緩至今。On Monday, February 5, 2018, S&P 500 declined 4.1 percent and the value of the VIX more than doubled in a single day — for the first time ever. SVXY (Short VIX Short-Term Futures ETF) went from $428.76 (high) to $38.12 (low) - a drop of staggering 91.11%. At the time, funds' daily objective multiple was -1x the daily performance of the S&P 500 VIX Short-Term Futures Index. 為什麽我記得這麽清楚呢，因為損失慘重。用了兩年才爬出來這麽個大坑。