Trick or Treat: Meet the Scariest Exchange Traded Product

TEPIX is a high-risk exchange-traded product designed for sophisticated investors. It aims to provide double the returns of the S&P 500 short-term futures index for a single day. The product involves a daily rolling long position in VIX futures contracts, maintaining a constant weighted maturity of one month. Despite its liquidity and $1 billion in assets, TEPIX has a high expense ratio and a negative long-term return. It is intended for short-term tactical use, with significant risks involved.

What is the primary purpose of the Velocity Shares Daily Two Times VIX Short Term ETN?

What does the ticker TEPIX represent?

How does the fund manage risks for sophisticated investors?

What is the significance of the expense ratio of 165 basis points for Tepix?

Discuss the long-term performance of Tepix and its implications for investors.