POSTED: DECEMBER 20, 2023
Steve Sosnick
Dispersion, Correlation, and 0DTE
Mandy Xu, Head of Derivatives Market Intelligence at Cboe, once again
joins Steve Sosnick, IBKR’s Chief Strategist, for a wide-ranging
discussion about volatility, options trading, and Cboe products that
track market correlation and dispersion.
0:00 / 31:40
Summary – IBKR Podcasts Ep. 123
The following is a summary of a live audio recording and may contain
errors in spelling or grammar. Although IBKR has edited for clarity no
material changes have been made.
Steve Sosnick
Hi everybody, welcome to the latest edition of IBKR podcasts. I’m your
host today, Steve Sosnick, chief strategist here at Interactive Brokers,
and I’m thrilled to have as my guest today, a return guest: Mandy Xu,
head of derivatives market intelligence at the Cboe. Hi, Mandy, how are
you?
Mandy Xu
Hey Steve, thanks for having me back on.
Steve Sosnick
It’s my pleasure. I enjoyed our conversation so much last time that I’m
glad we’re able to do this again.
Mandy Xu
Yeah, same here.
Steve Sosnick
Well, let’s just jump right into it. When we look at markets, the bond
market is saying one thing, particularly in terms of volatility, while the
stock market is saying something else. When we look at something like
the MOVE index, that’s definitely getting more elevated in recent
sessions. By the way, just so everybody knows, we’re taping this on
Thursday afternoon, December 7th, in case you’re listening to this later
on. But since the start of December, we’ve seen the MOVE index really
leap higher while VIX just remains in the doldrums. I’d love to hear
your thoughts on that, Mandy.
Mandy Xu
That’s a great question and I think — especially coming off of a month
like November where everything kind of rallied together, we had this
historic rally in bonds and equities, and credit across asset classes —
the divergences we’re actually seeing in the volatility markets of these
various asset classes, I think it’s very interesting, right? So, as you
pointed out, on one hand we have equity, and I would also put credit in
the same camp, where volatility has just completely collapsed. VIX
went from the mid-20s in October to a low of 12. Same with credit
volatility. If we look at our credit VIX indices, investment grade VIX IG
as well as high yield VIX HY index both fell by over 50% in November.
So those two asset classes are clearly in the more bullish camp in terms
of where they’re pricing for risk. And then on the other hand you have
the bond market’s MOVE index. It did decline in November but very
modestly. And as you pointed out in recent days it’s going higher. So,
what’s going on?
To me the divergence is really around the shift and the consensus
expectation for Fed policy, but also, the persistent uncertainty around
that expectation. So, what do I mean? Over the past month, markets
have clearly gotten more comfortable with where rates are and where
the Fed’s about to go. The expectations of potential Fed cuts as soon as
March of next year. So, the modal expectation for Fed policy has
certainly gotten more constructive for risk assets such as equities and
credit. I think that’s part of why those asset classes rallied and
volatility has declined. But the uncertainty band right around that
expectation is as wide as it has ever been. Yes, we can definitely see a
situation where we’re headed for soft landing. The Fed starts to cut
rates if inflation remains low, but there’s also a scenario where
inflation starts picking up higher, or growth actually falls even more,
right? The Fed could cut even more severely, so that uncertainty band
around Fed policy and the path of policy rates is extremely wide, and
that is what is driving interest rate volatility higher and why it has
remained extremely elevated throughout this rally. So, to me that
divergence is significant, and, in that sense, it tells you there’s still a lot
of uncertainty regarding that policy. But the other divergence that I
want to highlight, that may be flying under the radar a little bit, is also
what we’re seeing in the in the commodities market with oil. It’s one
asset class that notably didn’t participate in the rally in November, as
oil prices actually fell, and oil volatility remained very sticky during
that period and did not participate in the decline that we saw in equity
and credit volatility. And yes, you can potentially attribute part of the
decline in oil prices to dissipating geopolitical risk or supply issues. But
I would say oil prices near a one-year low signals concerns around the
growth picture, the outlook for growth.
You contrast that again with equities and the rally that we saw in
November very much led by cyclical stocks, with small caps outpacing
large caps, value outpacing growth, cyclical stocks outpacing the
defensive. That’s very much an equity market that is positioning for
pickup in economic growth rather than potential downside concerns.
So, to me these divergences in asset class volatility and asset class
performance really just kind of highlights the still very elevated
uncertainty around the macro outlook.
Steve Sosnick
There are times I wish we disagreed more because I’m sitting there
nodding my head. Obviously, the listeners can’t see that. But my thesis
has been — I wrote about this over the last few days — is that the bond
market and the short term fixed income expectations are reflecting
probably a hard landing since the last Fed meeting. So, I did this from
the from the from November 2nd, the day after the Fed meeting, the
last FOMC meeting. We’ve pushed up expectations for rate cuts by two
months from June to March. We were about 75% in June then, about
75% in March now. And we’ve come from three cuts in 2024 to 5 cuts in
2024. That is not a soft landing. That’s a pretty hard landing. Stocks
seem to be ignoring this prospect. And as you say, when you see, like,
the Russell taking off, which are the most economically sensitive stocks
of them all, it comes down to are stocks just sort of… One of the
questions I asked basically is has the stock market front run Santa
Claus? They’re just so content with what’s happened before that
they’re really willing to overlook some of the quote, “the known
unknowns”, including — we’re taping this before the payrolls numbers
and the FOMC meeting, and I’m looking at something like VIX9D,
which obviously you’re familiar with. I’ll let you explain it better as the
CBOE representative, but even the nine-day volatility expectations as
opposed to the 30 days incorporated in the main VIX product are not
really showing much concern ahead of these events.
Mandy Xu
Yeah, to a point I think short-dated volatility, whether you look at one
month, one-day, nine-day — pick your tenor — those volatilities have
clearly fallen. I think they’ve fallen because we’re not gonna know this
whole soft landing versus recession or hard landing. The outcome is
not gonna be clear anytime soon, right? It’s gonna be sometime next
year where we’re going to look back and say, OK, yes, this is one way or
the other and that’s why actually the part of the volatility curve that it
is reflecting more risk. It’s longer-dated tenors, not shorter-dated. So,
VIX one-day, nine-day, one-month, all the short-dated tenors have
fallen. But if you look at one-year implied volatility in the S&P, that
spread relative to say the VIX, it’s near the highs. So that tells you
people are still concerned over the longer-term outlook and it’s just
not being reflected in a short-dated measure such as the VIX. But one
thing I do want to kind of maybe touch upon, you talk about the kind of
the rally that we’ve seen in November. I do think part of it is
positioning related. Yes, part of it is fundamental, right? Like the
better-than-expected inflation numbers, the Fed speak, the Fed
meetings, they all kind of shifted the fundamental picture and the
narrative a bit.
But also, positioning is a big part and people, investors, I think
consensus expectation coming to the fall was so bearish, right. And I
think that’s why markets really had a hard time selling off. In
September, October the volatility was not on the downside; it was in the
rally in in November that we saw the sharp moves to the upside. That
tells you the pain point that’s really markets going higher and you saw
that also in the derivatives market. Options volumes picked up in
November. On the CPI Day, we had the record single day volume in S&P
4.4 million contracts. It was dominated by the calls, right, particularly
longer data calls expiring year end, December expiry. That tells you
people were really managing their risks and adjusting their portfolios
very dynamically and really concerned about hedging that right tail.
Institutional investors have underperformed all year, not positioned
for this rally, a sharp rally going to year end. We’re scrambling for
those upside calls, and you can see it also in, for example, like S&P putcall ratios falling to a one year low in November. Also, various measures
of skew in S&P and Russell all flattening to kind of to the lows. This
tells you really, that the scramble is really for that upside exposure
because people were not positioned that way.
Steve Sosnick
I think I referred to it as weaponized FOMO. The thing is, if you’re an
individual investor listening in on this, FOMO is really greed, actually,
because your fear of missing out is really just the greed aspect of it, or
your idea of missing or seeing a move and not participating, that’s
regrets. But if you’re an institutional investor, FOMO is real, and it is
fear because you can’t… no institutional investor wants to go into yearend by underperforming his or her benchmark, or by or by being in the
lowest decile, quartile, whatever. And so, when that when that rally hit
no one wanted to be caught off guard, especially because the change in
sentiment was so abrupt. And I think your the statistics you highlight
point to that and I think and I love the fact that you pointed out the
year-end SPX volume because I think it’s very easy for a lot of people to
say, oh, what, everybody’s playing the SPX , zero-dated options and
that’s all they care about, but that’s the fact that the fact that you saw
high volumes going into year-end told us that’s institutional investors
needing at least some upside coverage and needing it in a hurry.
Mandy Xu
Exactly. Yeah. So, I would say like obviously zero-day options have seen
the highest amount of growth given that it’s a relatively new product,
but oftentimes when people talk about the growth in 0DTE the
narrative has a tendency to talk about how it is kind of detracting or
taking away from other tenors, and that’s not at all what we’ve seen.
We’ve seen kind of the entire pie grow for SPX volumes growing across
all tenors. It’s just that they’re growing faster for zero-days and so
that’s something worth highlighting. And then to the point about if you
look at what is really driving volume growth outside of zero day
options, I really tie it to the macro backdrop. In a time of elevated
uncertainty with regard to the inflation and the growth backdrop,
investors are turning more to options to kind of help manage both the
volatility of the portfolio but also to really quantify kind of the riskreward of taking a directional view. Like, if everything is clear and for
sure market is going up, you just buy the underlying, right? But it’s
when you’re unsure, when there’s a lot of risks out there that could
derail that view, that’s when you turn to options. Because going in if
you buy a call option, your risk if you’re wrong is just premium paid. So
that I think that part of option trading really appeals to institutional
investors as well as retail during periods like this where they need, I
guess, more clarity and better tools to manage the volatility of their
portfolio.
Steve Sosnick
Yet at the same time, while that is really the use case for options — and
you’ve articulated wonderfully — it’s reflective of greater uncertainty.
Yet when you look at other measures, as we go back to the volatility
indices, they’re not reflecting a lot of uncertainty. It’s a very strange
dilemma, conundrum, oxymoron. I’m not sure what word is the right
one here, but I think that’s an interesting part of it.
Mandy Xu
Yeah, for sure. I mean I wouldn’t say every part of the volatility curve is
low, but certainly at the front end of the curve, as we discussed, the lack
of demand or the lack of pricing for downside risk in the near term
certainly stands out right now in terms of what is being priced in.
Steve Sosnick
And without going down too deep down the 0DTE rabbit hole because I
think you and I can have a higher level discussion than that. It’s
interesting. One thing I just want to point out to the listeners is that I
focus a lot on the popularity of the SPX index option itself because what
I love about that… I was on a panel with your colleague Henry Schwartz
when we discussed the same thing, and the question came up, “why is
everybody so in love with SPX [index options] all of a sudden?” I love
the fact that all types of options traders and investors have woken up to
the benefits of cash settled options. That you go home, you don’t have
to worry about assignment risk, you don’t have to worry about pin risk.
You’re just… Money changes hands and as long as long as you’re well
capitalized enough and your brokerage firm has done a good enough
job maintaining your margins, that’s it. You just settle up at the end of
the day and count your winnings or your losses as need be. Am I putting
words in your mouth?
Mandy Xu
You’re preaching to the choir for sure. I mean, that’s definitely a huge
benefit to trading index options and I think we talk about it. Obviously,
a popular question that we get is, “will we see zero-dated options on
other underlyings?” I think the assignment risk, the settlement risk
around physically settled options, that’s gonna be something that
people need to figure out in order for it to really broaden out. But
specifically, with cash settled zero-day option trading, one of the
things I like to emphasize, especially when people talk about concerns
around 0DTE trading, is Volmageddon. I think we’ve gotten past that
concern.
I think at this point people understand 0DTE options and not to realize
that is an overblown headline, but one of the things that I do push back
on is that it’s unlike what we saw in 2017 going into 2018’s
Volmageddon. That period of very low volatility let all these inverse VIX
ETF’s and ETN’s really build up leverage. With zero-day trading, the
risk resets every single day. You don’t get that build up of leverage over
a period of days, weeks, months or over a course of a year. So, we talked
about like Volmageddon and leverage. It’s a very different environment
and scenario now versus what we saw in 2017-2018.
Steve Sosnick
I do feel bad for the third panelist on that panel, because he was one of
the guys who threw out the Volmageddon argument, and Henry and I
kind of basically said back to him what you just said. History rhymes, it
doesn’t repeat, and I don’t see it. My, you’re not going to like this
analogy, your colleagues aren’t going to like the analogy, and but I said
in the very beginning that the advent of 0DTE options was really that
the casinos opened more tables. And I know you don’t want to, you do
not have to, do not comment on that because I don’t want to get you in
trouble, but basically there were no new games invented. They just
opened a lot more $5 blackjack tables, so to speak, instead of inventing
some game where no one knew the risks, and no one knew the
outcomes. And I don’t want to go too, too deep down the 0DTE place
because you and I could talk about other stuff beyond that and…
Mandy Xu
So I would say for people who are using options to speculate, certainly,
that analogy is fitting, but I would say — and this is something that
we’ve been trying to hammer home — is that the activity that we’re
seeing in 0DTE is actually very diverse and very balanced. And that’s
because there are different use cases, a diversity of use cases for zero
day options. There are people buying it to speculate. There are people
buying these options to hedge either event risk, overnight risk,
intraday risk, but also there are a lot of people selling these options for
income or for yield. So, because it’s so balanced, because it’s not just
speculators, hedgers, momentum chasers, reversion, people planning
for reversion, because it’s so diverse. At the end of the day, when you
look at the net risk across different strikes of these zero-day options, it
is extremely balanced. And I think that’s why a lot of the headlines are
overblown. Because they are assuming that the notional volume, the
notional risk is what you should be looking at when it’s in fact the net,
and they assume that all the activity is in one direction which would
leave market makers obviously exposed when in reality the activity is
actually very balanced.
Steve Sosnick
Agreed. I’m going to change gears entirely. We’ll get off this topic and
onto one that I found to be an eye opener when you and I talked a few
months ago. You brought up the topic of low volatility readings
partially being influenced by correlation or lack thereof.
Mandy Xu
Yeah.
Steve Sosnick
And one of the things that I hadn’t really appreciated before our
discussion. I knew the mathematics of it. And for those listening and
who didn’t hear the first time: simple thing being, if you have an index
and half the stocks go up and half the stocks go down when you
calculate the index, it didn’t move. I’m oversimplifying greatly, but
and if you have high correlation and they’re all moving in the same
direction one way or the other, that increases the volatility.
Oversimplifying, but I really wasn’t aware of the various indices that
the CBOE had in its suite. COR1M being my favorite because it’s the
same tenor as VIX. But you teased at the time that you had some new
stuff in the works, and sure enough, like a week or two later you all
introduced DSPX.
Mandy Xu
Right, yep.
Steve Sosnick
And so, what I would like is for you to sort of compare and contrast the
various correlation and dispersion indices that you have in your
product suite.
Mandy Xu
Yeah, sure. So maybe before I can compare the two, let me just quickly
go over what is dispersion and what is correlation, right. They are
related, but different concepts. So, dispersion at its core kind of
measures how stocks are moving relative to each other. You can think
of it as like a measure of idiosyncratic or fundamental risk in the
market, and I would say particularly if you are an equity long-short
investor or stock picker, dispersion is something that you want to track
because it measures how much stock picking alpha there is to be had,
right. In a high dispersion environment where there’s a lot of
differentiation between stocks, right, a big spread between best
performing versus worst performing stocks, that’s when it’s most
attractive to be a stock picker, when there’s the big movements and
between winners and losers. Whereas in a low dispersion environment
with not much differentiation, well, you might as well be a passive
index investor in that scenario, right? Because there’s not much alpha
to be generated from stock picking. So, dispersion is an absolute
measure of how stocks are moving relative to each other. Correlation,
on the other hand, is a relative measure of how stocks are moving, but
it’s relative and that it doesn’t really measure the magnitude. So that’s
where stocks could all be moving, could be all be selling off today, but it
matters how much the individual stocks are moving, right, relative to
each other. So, you can definitely have that situation. I think that’s
where people can get a little bit confused is that conceptually you think
dispersion and correlation are inverse of each other. High correlation
must mean low dispersion, vice versa, but actually there are often times
where you get high correlation, high dispersion and high VIX. That’s
for example, what we saw in March of 2020. And the best way to think
about is that all of these measures are measures of risk in the market.
When risk is high — and whether it’s macro market risk, whether it’s
idiosyncratic risk — it’s gonna impact all of these indices at the same
time. So, to me, having dispersion and DSPX index is complementary to
the existing indices we have out there. For example, VIX and COR1M, as
you mentioned, really completes the understanding of what is going on
in the market. How much of the risk is coming from individual stocks
versus the macro, the market level, how much of it is stocks moving
relative to each other versus the index.
Steve Sosnick
Yeah. Because one of the reasons I’ve not yet been able to come up with
good signals DSPX versus VIX, while I have, while I have been able to
come up with some — and those who , those who suffer through
reading my stuff every day, have seen this before — is I found that
COR1M has given me some good signals. Particularly in September,
when the correlations started to return to more normal levels, having
been very low, yet VIX was just mired along and then all of a sudden,
boom, they caught up to each other and that is what we’re seeing now.
We’ll see if we go two for two on that one. But I have to really come up
with a good way of sort of — hate to use the word correlating — but
coming up with a signal that that links together DSPX and something a
bit more tangible in terms of trading one vis-a-vis the other using a
signal DSPX as a signal for VIX or some other volatility type of trading.
Mandy Xu
Yeah. So to me it’s like I think of this as a complementary measure to
the VIX because it can tell you really what is driving the VIX right, and
in the piece that I published on the SPX the example that I used was in
2018 where we had two big VIX spikes that year, February 2018 and
then Q4 of 2018, right? In both cases, VIX spiked over 30. Similar
magnitude of moves, but what was driving the VIX was very different,
right? In February of 2018, DSPX actually fell to 0. So, at the time if you
had DSPX on that day when VIX blew up and the VIX ETN’s, that blew
up, it would have told you it was a technical index led move that had no
bearing on underlying fundamentals. Single stock options didn’t see a
similar bid right. And volatility that we saw was at the index level, it
was very little fundamental risk that was being increased in the market.
Whereas in Q4 of 2018 it was dispersion. Actually, DSPX actually
started rising before the VIX and it was rising alongside the VIX. That
was a period where the VIX was going higher because of increasing
fundamental uncertainty with the market. I think at the time it was
Trump trade wars, there was Powell monetary policy uncertainty — he
was a lot more hawkish than people expected. There was angst around
earnings Q4 earnings that could be particularly bad that year, or a lot of
uncertainty around that. So that was a very much a fundamentally
driven market selloff.
Whereas February 2018 was kind of a technical index-led move and
having DSPX alongside the VIX would have allowed you to discern
between the two much better. And one of the things I think that’s
interesting recently is that VIX has fallen a lot and DSPX, relatively
speaking, has been more elevated. Now it fell a lot in in November,
partly due to seasonality issues. But overall, if you look on the average
over the past couple of months, DSPX has been a lot more elevated than
the VIX. And this has kind of been true for the past 18 months and it’s
really a reflection of the fact that a lot of the macro risks that we’re
talking about are having disproportionate impact at the sector and the
sector and then the stock level, rather than at the market level, right?
So, when we talk about higher rates, that has kind of resulted in in the
equity market having huge swings over the past two years in growth
versus value, cyclical versus defensive stocks, old economy versus tech.
So, we’re seeing big swings at the sector and the single stock level, but
because of low correlation like we discussed last time, it hasn’t really
translated into higher levels of in depth.
Steve Sosnick
Yeah, I think that’s also interesting to unpack. We’ve all heard the 7
versus 493 argument, but it is a lot richer than that. And do you plan,
without revealing any proprietary secrets, on expanding the suite of
dispersion indices over the coming over the coming times? Is that
something you’re looking at doing based on what you’ve seen, the
adoption of DSPX so far?
Mandy Xu
Yeah, that’s something we’re definitely gonna be building upon. So
right now, all that is out is the DSPX index, which is not tradable. It’s
meant to be an indicator very much like the VIX. But our plan sometime
next year is to launch futures on the index very much like VIX futures
on the underlying VIX index. That will allow investors to actually
express a view on future implied dispersion. In case it wasn’t clear to
anyone listening, DSPX like the VIX, is a measure of forward-looking
dispersion, implied dispersion. How much stocks are expected to move
relative to each other, and then over the next 30 days. So, once we
launch the futures, we will actually be able to trade that level similarly
to how people trade VIX futures. That’s something we’re very excited
about. So, stay tuned for that.
Steve Sosnick
Because I think that would be a very interesting type of trading where
you could trade DSPX futures versus VIX futures and see how those
curves set up, because, as you alluded to earlier, longer term volatility
is much higher than shorter term volatility. There’s a certain… the I
find the VIX curve right now to be very steep. Some of it is strictly
positive contango.
Mandy Xu
Yeah.
Steve Sosnick
Let me unpack that for those who are not futures traders. As you look
at a curve, it slopes up left to right. Some of that is interest rate effects,
while at some level it reflects the relative plentifulness versus scarcity
of the underlying commodity. In this case, one of the things it tells me
when you see a very steep VIX curve is that the commodity in question
is available volatility protection, and as of now it is quite plentiful and
easy to come by. When you see the VIX curve invert — think about
when that happens, it’s usually in times of stress — that tells you that
there is scarcity. Sorry, that was not for you Mandy. That was for all the
others. But I think it’s important to keep those frames in mind and I
think it’ll be fascinating to see how a DSPX curve sets up with what is a
normal contango for that curve. How will that be?
Mandy Xu
No, absolutely, you touched upon something that we’re very excited
about. One of the things that make us excited about the launch of DSPX
futures is that we think they will trade with a little bit of different curve
and relationship versus the VIX. Because as we all know, VIX typically
is upward sloping, right, that the futures curve is in contango as you
just explained. But think about DSPX. Forward-looking dispersion is a
big part of ordinary stock dispersion. Actually, the most reliable
catalyst is earnings, right? So, as we go through earnings season, you
would expect to see more backwardation in the DSPX futures curve
than you do for VIX. And what does that mean for carrying a long
dispersion position versus a long vol or VIX position? It should be
when it’s in backwardation– obviously the carry cost is a lot lower. So,
there are definitely gonna be a lot of nuances between DSPX futures
trading versus VIX trading, and something we’re very excited about for
next year.
Steve Sosnick
Well, I think we’ve just set up a time frame for our next discussion if we
don’t do it sooner, because I can’t wait to have it. I’m getting
something on my screen that we’ve blown through the time that we’ve
had allotted to us, which I think is great because it means you and I
have just been chatting away, and as I’ve said I enjoy our conversations
immensely. So, I think unless you have anything else to add, Mandy, I
think we’re going to wrap it up here. And again, I want to thank
everybody for listening. My guest today has been Mandy Xu, head of
derivatives market intelligence at Cboe. I am Steve Sosnick, chief
strategist here at Interactive Brokers. You can find all our podcasts at
ibkrpodcasts.com and on your favorite podcast source – all the usual
suspects — and we hope to see you soon. And Mandy, what a pleasure
talking to you as always.
Mandy Xu
Thank you, Steve.
Steve Sosnick
Take care everybody. Bye bye.
(Link to previous podcast with Mandy Xu: Might Correlation be the Key
to Understanding VIX?)
Disclosure: Interactive Brokers
The analysis in this material is provided for information only and is not and should
not be construed as an offer to sell or the solicitation of an offer to buy any security.
To the extent that this material discusses general market activity, industry or sector
trends or other broad-based economic or political conditions, it should not be
construed as research or investment advice. To the extent that it includes references
to specific securities, commodities, currencies, or other instruments, those
references do not constitute a recommendation by IBKR to buy, sell or hold such
investments. This material does not and is not intended to take into account the
particular financial conditions, investment objectives or requirements of individual
customers. Before acting on this material, you should consider whether it is suitable
for your particular circumstances and, as necessary, seek professional advice.
The views and opinions expressed herein are those of the author and do not
necessarily reflect the views of Interactive Brokers, its affiliates, or its employees.
Disclosure: Options Trading
Options involve risk and are not suitable for all investors. Multiple leg strategies,
including spreads, will incur multiple commission charges. For more information
read the “Characteristics and Risks of Standardized Options” also known as the
options disclosure document (ODD) or visit ibkr.com/occ
Disclosure: Futures Trading
Futures are not suitable for all investors. The amount you may lose may be greater
than your initial investment. Before trading futures, please read the CFTC Risk
Disclosure. A copy and additional information are available at ibkr.com.
Disclosure: ETFs
Any discussion or mention of an ETF is not to be construed as recommendation,
promotion or solicitation. All investors should review and consider associated
investment risks, charges and expenses of the investment company or fund prior to
investing. Before acting on this material, you should consider whether it is suitable
for your particular circumstances and, as necessary, seek professional advice.
Disclosure: Complex or Leveraged Exchange-Traded Products
Complex or Leveraged Exchange-Traded Products are complicated instruments that
should only be used by sophisticated investors who fully understand the terms,
investment strategy, and risks associated with the products. Learn more about the
risks here:
https://gdcdyn.interactivebrokers.com/Universal/servlet/Registration_v2.formSampleView?
formdb=4155
Viewed using Just Read