$6.56 NAV at the close. The price is inflated by the HFT, in order to short more shares.
This scam will reverse split every year. Even when volatility goes up, volatility kills TVIX too, due to leveraged 2x ETF decays.
Only NAV matters to me, since I will NEVER cover this short. Let all the decays (due to contango, and due to volatility of leveraged 2x) work for me.
I disagree. The CVR has its value, and I would put this value close to $2, but not much more.
The market is expecting more competitive bidding too, and that is why the AH PPS was above $17. If there is none on Monday and the week, then the fair price will drops to low-to-mid $16's, given there are still a little uncertainty of the deal.
"Contingent Value Rights Agreement
At the closing of the Merger, AT&T will enter into a Contingent Value Rights Agreement (the “CVR Agreement”) with Leap, the Stockholders’ Representative and a rights agent (the “Rights Agent”) providing for the terms of the CVRs. The Stockholders’ Representative will have the authority to take efforts to eliminate interference to the License and to conduct a sales process with respect to the License. Upon a sale of the License, the Rights Agent will distribute to the holders of the CVRs the cash proceeds received by Leap or its affiliates from the sale, less (i) certain fees and expenses of Leap and its affiliates, the Stockholders’ Representative and the Rights Agent, (ii) an amount equal to the product of (1) the excess of the cash proceeds over the tax basis of the License at the Effective Time and (2) an assumed tax rate of 38.5%, and (iii) the amount of unsatisfied contingent liabilities relating to the License or the transactions contemplated by the CVR Agreement. If an agreement to sell the License is not entered into within two years after the closing of the Merger, or a sale of the License has not been completed within three years after the closing of the Merger in the event an agreement for the sale of the License has been entered into but has not yet closed, then Leap will assume control of the License and be permitted to dispose of the License in its sole discretion, with the distributable proceeds from such sale to be distributed by the Rights Agent to the holders of the CVRs. "
Don't think many Chinese companies give div.
This stock is always moving by itself, not with the us market or shanghai market.
I have always been around (for more than 2 years), but am guessing the tiem to overweight my position.
I short TVIX, but do not trade it. I hold the short forever, add to the position, till R/S, and add more to it.
If there is a market condition for me to cover my short, I don't actually cover it. I buy VXX or VIIX to cover the short position.
If you are a top WS quant, you will understand my strategy. Otherwise, you know nothing about these funds and will keep losing money.
I look at all other VIX futures ETNs, VXX, UVXY, VIIX, and SVXY/XIV. Those ETNs are all trading around their intristic values. But TVIX is manipulated to 14% above TVIX.iv, which is at $3.44 by the close today.
To understand this manipulation, just compared the performance of TVIX and UVXY, both 2x ETNs, in this week alone. TVIX outperformed UVXY by 5%. I believe a computer program by some evil fund has been pumping this scam. For what purpose? It must be that the manipulator is building a short position of this scam at well above the intristic value!
2x or -1x like TVIX or XIV has leverage decay. XIV gains from contango, but loses on leverage.
I took the profit on VXX, but keep TVIX short. I will buy VXX to lock profit on TVIX, at certain level, but would never cover TVIX short, especially at more than 10% above TVIX.iv
There is no need to cover TVIX, with TVIX.iv = $3.41.
I use VXX long to cover TVIX. Let decay work for me.
I want NAVs!!! It is so simple.
It is a losing trade. VXX is safer, due to no leverage decay, and it is trading close to VXX.iv.
TVIX.iv is only $3.41. Why buy this at $3.90, with both contango and leverage decays.
I believe you are pumping this scam for shorting by yourself.
Check out TVIX.iv.
You can buy any other Vix funds, VXX or UVXY, which are trading very close to their NAVs.
TVIX is manipulated to this price, for shorting by the manipulator.