{"id":106932,"date":"2021-10-13T11:30:00","date_gmt":"2021-10-13T15:30:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=106932"},"modified":"2023-01-19T17:15:20","modified_gmt":"2023-01-19T22:15:20","slug":"the-week-that-was-october-4-to-october-8","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/the-week-that-was-october-4-to-october-8\/","title":{"rendered":"The Week that Was: October 4 to October 8"},"content":{"rendered":"\n<p><em>A concise weekly overview of the U.S. equities and derivatives markets<\/em><\/p>\n\n\n\n<p>Last week (October 4 \u2013 October 8), monthly jobs data was released with 194,000 new jobs reported falling well below expectations of 500,000 or more. The unemployment rate fell to 4.8%, which was better than expected, however, the labor participation number declined. The Bureau of Labor Statistics revised the July and August job gains and released higher numbers. The weakest portion of the September report was driven by fewer government jobs. The domestic economy is still about 5 million jobs shy of pre-pandemic highs.<\/p>\n\n\n\n<p>Interest rates continued to climb with the 10-year U.S. Treasury yield reaching 1.62% late in the week. The Energy sector led the S&amp;P 500 Index as Crude Oil moved beyond $80 per barrel for the first time since late 2014. Financials and Industrials performed well, while Information Technology, Communication Services and Real Estate lagged, given escalating borrowing rates.<\/p>\n\n\n\n<p>Earnings season will kick off this week with reports from Wall Street\u2019s big banks. The Delta-variant issues have been easing in recent weeks, which could bolster consumer spending activity. However, global supply chain disruptions persist, with an estimated 150+ cargo and container ships outside of the ports of Los Angeles and Long Beach. A significant percentage of imported goods funnel through those two ports and many retailers are concerned that goods will not be on shelves or in warehouses by the start of the holiday season in November.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-quick-bites\"><strong>Quick Bites<\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Indices<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>U.S. Equity Indices<\/strong>&nbsp;ended the week mixed.<\/li><li><strong>S&amp;P 500 Index (SPX<\/strong><sup><strong>\u00ae<\/strong><\/sup><strong>)<\/strong>: Increased 0.8% week-over-week.<\/li><li><strong>Nasdaq 100 Index (NDX)<\/strong>: Increased 0.2% week-over-week.&nbsp;<\/li><li><strong>Russell 2000 Index (RUT\u2120)<\/strong>: Decreased 0.43% last week.<\/li><li><strong>Cboe Volatility Index\u2122 (VIX\u2122 Index)<\/strong>: Measured between 24.58 and 18.20 last week and closed at 18.77, lower by 2.4 vols week-over-week.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Options<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>SPX options<\/strong>&nbsp;average daily volume (ADV) was about 1.62 million contracts per day. The 3-month running (daily) ADV is 1.4 million, meaning SPX options have been running above average since mid-August. The one-week at-the-money (ATM) SPX options straddle (4390 strike with a 10\/15 expiration) implies a +\/- range of about 1.6%. The weekly ATM straddle settled on a 14.5% implied volatility.<\/li><li><strong>VIX options<\/strong>&nbsp;ADV was about 420,000 contracts last week, which was above the previous week\u2019s ADV of 320,000 contracts. The VIX options call-put ratio was 1.1:1.<\/li><li><strong>RUT options&nbsp;<\/strong>ADV was 57,400 contracts, compared to an ADV of 62,100 contracts the previous week.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Across the Pond<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>The&nbsp;<strong>Euro STOXX 50 Index<\/strong>&nbsp;increased fractionally on the week.<\/li><li>The&nbsp;<strong>MSCI EAFE Index (MXEA\u2120)<\/strong>&nbsp;increased 0.2% week-over-week and the&nbsp;<strong>MSCI Emerging Markets Index (MXEF\u2120)<\/strong>&nbsp;increased 0.65% week-over-week.&nbsp;&nbsp;<strong>&nbsp;<\/strong><\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-charting-it-out\"><strong>Charting It Out<\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Observations on VIX futures term structure<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>The VIX Index closed down 2.4 vols week-over-week and the front end of the VIX futures term structure steepened.<\/li><li>The spread between the October and November VIX futures settled at 1.85 wide. A week prior that spread was 1.45 wide.<\/li><li>October VIX futures fell 1.70 and the November VIX futures contract lost 1.30.<\/li><li>The standard October VIX futures and options will expire on Wednesday, October 20.&nbsp;<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-vix-futures-term-structure\">VIX Futures Term Structure<\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/cboe_10-13-21_1.png\" alt=\"VIX Futures Term Structure\" class=\"wp-image-106933 lazyload\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/figure>\n\n\n\n<p><em>Source: LiveVol Pro<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Macro Movers<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\"><li>The U.S. 10-year Treasury Yield moved up to four-month highs last week and bonds sold off throughout the week. The 10-year yield moved from around 1.47% on October 1 to approximately 1.60% on October 8 \u2013 higher by 13 basis points.<\/li><li>The S&amp;P GSCI increased yet again, gaining 2.7% on the week and is now at the highest levels since late 2014. Energy markets continue to trend higher. Crude Oil (WTI) gained 4.8% and Henry Hub Natural Gas was unchanged after another frenzied week. Gasoline gained 5.3%.&nbsp;<\/li><li>Corn and Wheat declined last week. Hogs and Orange Juice were the laggards.<\/li><li>The U.S. Dollar Index was rangebound most of the week. It fell slightly following Friday\u2019s disappointing September jobs data. The revisions for July and August data, which were higher than the previously released data, acted as a countervailing force.<\/li><li>The technology-heavy Nasdaq 100 Index suffered its worst weekly performance since February. Growth stocks have underperformed as interest rates climb.<em><\/em><\/li><li>Big Tech leaders were nearly higher across the board, with Facebook as the exception following a barrage of issues. To compound matters, the Facebook suite of applications (including Instagram and WhatsApp) were offline for a handful of hours on Monday, October 4. Shares fell 3.7% on the week.<\/li><li>Alphabet was higher by 2.3% and Microsoft gained 1.9%. Tesla shares were up 1.4% as the company delivered a record number of automobiles in Q3. Apple and Amazon were both fractionally higher last week.<em><\/em><\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Major Cryptos<\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Bitcoin<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>Bitcoin (BTC) prices were approximately $43,000 on Friday, October 1, then moved higher for most of the week, trading up to $55,700 on Wednesday, October 6.&nbsp;<\/li><li>Bitcoin was trading at approximately $54,500 as of Friday afternoon, higher by 15% week-over-week.<\/li><li>Bitcoin\u2019s market cap once again exceeded $1 trillion and it constitutes 31% of the overall crypto market.&nbsp;<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Ethereum<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>Ethereum (ETH) was trading around $3.,300 on October 1, trending higher throughout the week and moving up to $3,650 on Thursday. At the end of the work week ETH was near $3,620, up 11.4% on the week. ETH is about 18% below all-time highs.<\/li><li>ETH market cap is $423 billion, which makes up 13% of the overall crypto market.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Crypto Industry<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>The U.S. Department of Justice pulled from members of its intellectual property and computer crime divisions to create a crypto enforcement group.<\/li><li>The Securities Exchange Commission (SEC) approved an actively managed ETF that tracks companies that hold a majority of their assets in Bitcoin or generate most of their revenues from cryptocurrency mining or lending or producing mining equipment.<\/li><li>Roughly 25 crypto-related ETFs have been stuck in limbo with the SEC. Chairman Gary Gensler has expressed support for Bitcoin futures in the past.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Coronavirus<\/strong><\/h2>\n\n\n\n<p>The 7-day average COVID-19 infection rate in the U.S. decreased from approximately 110,000 a week ago to approximately 99,700 on October 8. Hospitalization rates and new cases have fallen consistently since mid-September.&nbsp;&nbsp;<\/p>\n\n\n\n<p>57% of the U.S. population is fully vaccinated against COVID-19 and 65% have received at least one dose of a COVID-19 vaccine. For just those 12 years and older, the numbers are 66% and 76% respectively. Daily vaccination rates are ticking higher since the Pfizer booster shots were rolled out.&nbsp;<\/p>\n\n\n\n<p>Globally, the 7-day average infection rate again moved lower, from 447,000 to 420,000 week-over-week. Eastern Europe is the latest hotspot.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">COVID-19 Infection Rate in the U.S.<\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"925\" height=\"450\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/cboe_10-13-21_2.png\" alt=\"COVID-19 Infection Rate in the U.S.\" class=\"wp-image-106934 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/cboe_10-13-21_2.png 925w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/cboe_10-13-21_2-700x341.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/cboe_10-13-21_2-300x146.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/cboe_10-13-21_2-768x374.png 768w\" data-sizes=\"(max-width: 925px) 100vw, 925px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 925px; aspect-ratio: 925\/450;\" \/><\/figure>\n\n\n\n<p><em>Source: The New York Times<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Tidbits from the News<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\"><li>Cboe\u2019s SKEW Index declined from slightly above 160 to nearly 130 between early September and early October. The SKEW Index tends to fall when the S&amp;P 500 Index declines. According to data from Susquehanna International Group, 1-month S&amp;P 500 Index returns tend to be positive following a 10%+ fall in SKEW. The average 1-month S&amp;P 500 Index return is 2% and the median is 1.68%. Expectancy is also high, with 83% of occurrences being positive a month later.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">SPDR S&amp;P 500 ETF Trust Returns<\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/cboe_10-13-21_3.png\" alt=\"SPDR S&amp;P 500 ETF Trust Returns\" class=\"wp-image-106935 lazyload\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/figure>\n\n\n\n<p><em>Source: Susquehanna International Group<\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Small-caps outperformed large-caps between November 2020 and mid-March 2021, then reversed course until August 19, 2021. Since August, small caps have again had an edge and the Russell 2000 Index has outperformed by about 400 basis points over the past seven weeks.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">iShares Russell 2000 ETF Total Return Price\/SPDR S&amp;P 500 ETF Trust Total Return Price<\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/cboe_10-13-21_4.png\" alt=\"iShares Russell 2000 ETF Total Return Price\/SPDR S&amp;P 500 ETF Trust Total Return Price\" class=\"wp-image-106936 lazyload\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/figure>\n\n\n\n<p><em>Source: Compound Advisors\/Cboe Options Institute<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>The Week Ahead<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\"><li>Data to be released this week: NFIB Small-Business Index on Tuesday; Consumer Price Index (CPI) and Federal Open Market Committee (FOMC) meeting minutes on Wednesday; Weekly Jobless Claims and Producer Price Index (PPI) on Thursday; Retail Sales and Consumer Sentiment on Friday.<\/li><\/ul>\n\n\n\n<p>&#8212;<\/p>\n\n\n\n<p>Originally Posted on October 11, 2021 &#8211; <a href=\"https:\/\/www.cboe.com\/insights\/posts\/the-week-that-was-october-4-to-october-8\/\">The Week that Was: October 4 to October 8<\/a><\/p>\n\n\n\n<p><sup><strong>General<\/strong><\/sup><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><sup>The information provided is for general education and information purposes only. No statement provided should be construed as a recommendation to buy or sell a security, future, financial instrument, investment fund, or other investment product (collectively, a \u201cfinancial product\u201d), or to provide investment advice.<\/sup><\/li><li><sup>In particular, the inclusion of a security or other instrument within an index is not a recommendation to buy, sell, or hold that security or any other instrument, nor should it be considered investment advice.<\/sup><\/li><\/ul>\n\n\n\n<p><sup>&nbsp;<strong>Options<\/strong><\/sup><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><sup>Options involve risk and are not suitable for all market participants. Prior to buying or selling an option, a person should review the&nbsp;<\/sup><a href=\"https:\/\/www.theocc.com\/Company-Information\/Documents-and-Archives\/Publications\" rel=\"noreferrer noopener\" target=\"_blank\"><sup>Characteristics and Risks of Standardized Options (ODD)<\/sup><\/a><sup>, which is required to be provided to all such persons.&nbsp;Copies of the ODD are available from your broker or from The Options Clearing Corporation, 125 S. Franklin Street, Suite 1200, Chicago, IL 60606.&nbsp;<\/sup><\/li><li><sup>Trading FLEX options may not be suitable for all options-qualified market participants. FLEX options strategies only should be considered by those with extensive prior options trading experience.<\/sup><\/li><li><sup>Uncovered option writing is suitable only for the knowledgeable market participant who understands the risks, has the financial capacity and willingness to incur potentially substantial losses, and has sufficient liquid assets to meet applicable margin requirements. In this regard, if the value of the underlying instrument moves against an uncovered writer&#8217;s options position, the writer may incur large losses in that options position and the participant\u2019s broker may require significant additional margin payments. If a market participant does not make those margin payments, the broker may liquidate positions in the market participant\u2019s account with little or no prior notice in accordance with the market participant\u2019s margin agreement.<\/sup><\/li><\/ul>\n\n\n\n<p><sup>&nbsp;<strong>Futures<\/strong><\/sup><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><sup>Futures trading is not suitable for all market participants and involves the risk of loss, which can be substantial and can exceed the amount of money deposited for a futures position. You should, therefore, carefully consider whether futures trading is suitable for you in light of your circumstances and financial resources. You should put at risk only funds that you can afford to lose without affecting your lifestyle.<\/sup><\/li><li><sup>For additional information regarding the risks associated with trading futures and security futures, see respectively the&nbsp;<\/sup><a href=\"https:\/\/cdn.cboe.com\/resources\/general\/Appendix_A_to_CFTC_Regulation_1.55(c).pdf\" rel=\"noreferrer noopener\" target=\"_blank\"><sup>Risk Disclosure Statement set forth in Appendix A to CFTC Regulation 1.55(c)<\/sup><\/a><sup>&nbsp;and the&nbsp;<\/sup><a href=\"https:\/\/www.nfa.futures.org\/members\/member-resources\/files\/security-futures-disclosure.pdf\" rel=\"noreferrer noopener\" target=\"_blank\"><sup>Risk Disclosure Statement for Security Futures Contracts<\/sup><\/a><sup>.<\/sup><\/li><\/ul>\n\n\n\n<p><sup><strong>&nbsp;VIX\u00ae Index and VIX\u00ae Index Products<\/strong><\/sup><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><sup>The Cboe Volatility Index\u00ae (known as the VIX Index) is calculated and administered by Cboe Global Indices, LLC.&nbsp;The VIX Index is a financial benchmark designed to be a market estimate of expected volatility of the S&amp;P 500\u00ae Index, and is calculated using the midpoint of quotes of certain S&amp;P 500 Index options as further described in the methodology, rules and other information&nbsp;<\/sup><a href=\"https:\/\/www.cboe.com\/us\/indices\/governance\/\" rel=\"noreferrer noopener\" target=\"_blank\"><sup>here<\/sup><\/a><sup>.&nbsp;<\/sup><\/li><li><sup>VIX futures and Mini VIX futures, traded on Cboe Futures Exchange, LLC, and VIX options, traded on Cboe Options Exchange, Inc. (collectively, \u201cVIX\u00ae Index Products\u201d), are based on the VIX Index.&nbsp;VIX Index Products are complicated financial products only suitable for sophisticated market participants.&nbsp;<\/sup><\/li><li><sup>Transacting in VIX Index Products involves the risk of loss, which can be substantial and can exceed the amount of money deposited for a VIX Index Product position (except when buying options on VIX Index Products, in which case the potential loss is limited to the purchase price of the options).<\/sup><\/li><li><sup>Market participants should put at risk only funds that they can afford to lose without affecting their lifestyles.<\/sup><\/li><li><sup>Before transacting in VIX Index Products, market participants should fully inform themselves about the VIX Index and the characteristics and risks of VIX Index Products, including those described here. Market participants also should make sure they understand the product specifications for VIX Index Products (<\/sup><a href=\"https:\/\/markets.cboe.com\/tradable_products\/vix\/vix_futures\/specifications\/\" rel=\"noreferrer noopener\" target=\"_blank\"><sup>VIX futures,<\/sup><\/a><sup>&nbsp;<\/sup><a href=\"https:\/\/cdn.cboe.com\/resources\/futures\/VXM_Contract_Specifications.pdf\" rel=\"noreferrer noopener\" target=\"_blank\"><sup>Mini VIX futures<\/sup><\/a><sup>&nbsp;and&nbsp;<\/sup><a href=\"https:\/\/markets.cboe.com\/tradable_products\/vix\/vix_options\/specifications\/\" rel=\"noreferrer noopener\" target=\"_blank\"><sup>VIX options<\/sup><\/a><sup>) and the methodologies for calculating the underlying VIX Index and the settlement values for VIX Index Products.&nbsp;Answers to questions frequently asked about VIX Index products and how they are settled is available&nbsp;<\/sup><a href=\"https:\/\/www.cboe.com\/products\/vix-index-volatility\/vix-options-and-futures\/vix-index\/vix-faqs#1\" rel=\"noreferrer noopener\" target=\"_blank\"><sup>here<\/sup><\/a><sup>.<\/sup><\/li><li><sup>Not Buy and Hold Investment:&nbsp;VIX Index Products are not suitable to buy and hold because:&nbsp;<\/sup><\/li><li><sup>On their settlement date, VIX Index Products convert into a right to receive or an obligation to pay cash.<\/sup><\/li><li><sup>The VIX Index generally tends to revert to or near its long-term average, rather than increase or decrease over the long term.&nbsp;<\/sup><\/li><li><sup>Volatility:&nbsp;The VIX Index is subject to greater percentage swings in a short period of time than is typical for stocks or stock indices, including the S&amp;P 500 Index.<\/sup><\/li><li><sup>Expected Relationships:&nbsp;Expected relationships with other financial indicators or financial products may not hold.&nbsp;In particular:<\/sup><\/li><li><sup>Although the VIX Index generally tends to be negatively correlated with the S&amp;P 500 Index \u2013 such that one tends to move upward when the other moves downward and vice versa \u2013 that relationship is not always maintained.<\/sup><\/li><li><sup>The prices for the nearest expiration of a VIX Index Product generally tend to move in relationship with movements in the VIX Index.&nbsp;However, this relationship may be undercut, depending on, for example, the amount of time to expiration for the VIX Index Product and on supply and demand in the market for that product.<\/sup><\/li><li><sup>Mini VIX futures contracts trade separately from regular-sized VIX futures, so the prices and quotations for Mini VIX futures and regular-sized VIX futures may differ because of, for example, possible differences in the liquidity of those markets.<\/sup><\/li><li><sup>Final settlement Value:&nbsp;The method for calculating the final settlement value of a VIX Index Product is different from the method for calculating the VIX Index at times other than settlement, so there can be a divergence between the final settlement value of a VIX Index Product and the VIX Index value immediately before or after settlement. (See the SOQ Auction Information section&nbsp;<\/sup><a href=\"https:\/\/www.cboe.com\/tradable_products\/vix\/faqs\/#1\" rel=\"noreferrer noopener\" target=\"_blank\"><sup>here<\/sup><\/a><sup>&nbsp;for additional information.)&nbsp;<\/sup><\/li><\/ul>\n\n\n\n<p><sup><strong>&nbsp;Exchange Traded Products (\u201cETPs\u201d)<\/strong><\/sup><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><sup>Cboe does not endorse or sell any ETP or other financial product, including those investment products that are or may be based on a Cboe index or methodology or on a non-Cboe index that is based on investment products trading on a Cboe Company exchange (<em>e.g.<\/em>, VIX futures); and Cboe makes no representations regarding the advisability of investing in such products. An investor should consider the investment objectives, risks, charges, and expenses of these products carefully before investing. Investors also should carefully review the information provided in the prospectuses for these products.<\/sup><\/li><li><sup>Investments in ETPs involve risk, including the possible loss of principal, and are not appropriate for all investors. Non-traditional ETPs, including leveraged and inverse ETPs, pose additional risks and can result in magnified gains or losses in an investment. Specific risks relating to investment in an ETP are outlined in the fund prospectus and may include concentration risk, correlation risk, counterparty risk, credit risk, market risk, interest rate risk, volatility risk, tracking error risk, among others. Investors should consult with their tax advisors to determine how the profit and loss on any particular investment strategy will be taxed.<\/sup><\/li><\/ul>\n\n\n\n<p><sup><strong>&nbsp;Cboe Strategy Benchmark Indices<\/strong><\/sup><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><sup>Cboe Strategy Benchmark Indices are calculated and administered by Cboe Global Indices, LLC as described in the methodologies, rules and other information available&nbsp;<\/sup><a href=\"https:\/\/www.cboe.com\/us\/indices\/governance\/\" rel=\"noreferrer noopener\" target=\"_blank\"><sup>here<\/sup><\/a><sup>&nbsp;using information believed to be reliable, including market data from exchanges owned and operated by other Cboe Companies.<\/sup><\/li><li><sup>Strategy Benchmark Indices are designed to measure the performance of hypothetical portfolios comprised of one or more derivative instruments and other assets used as collateral. Past performance is not indicative of future results. Strategy Benchmark Indices are not financial products that can be invested in directly, but can be used as the basis for financial products or managing portfolios.&nbsp;<\/sup><\/li><li><sup>The actual performance of financial products such as mutual funds or managed accounts can differ significantly from the performance of the underlying index due to execution timing, market disruptions, lack of liquidity, brokerage expenses, transaction costs, tax consequences and other considerations that may not be applicable to the subject index.<\/sup><\/li><\/ul>\n\n\n\n<p><sup><strong>Index and Benchmark Values Prior to Launch Date<\/strong><\/sup><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><sup>Index and benchmark values for the period prior to an index\u2019s launch date are calculated by a theoretical approach involving back-testing historical data in accordance with the methodology in place on the launch date (unless otherwise stated). A limitation of back-testing is that it reflects the theoretical application of the index or benchmark methodology and selection of the index\u2019s constituents in hindsight. Back-testing may not result in performance commensurate with prospective application of a methodology, especially during periods of high economic stress in which adjustments might be made. No back-tested approach can completely account for the impact of decisions that might have been made if calculations were made at the same time as the underlying market conditions occurred. There are numerous factors related to markets that cannot be, and have not been, accounted for in the preparation of back-tested index and benchmark information.&nbsp;<\/sup><\/li><\/ul>\n\n\n\n<p><sup><strong>Taxes<\/strong><\/sup><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><sup>No Cboe Company is an investment adviser or tax advisor, and no representation is made regarding the advisability or tax consequences of investing in, holding or selling any financial product. A decision to invest in, hold or sell any financial product should not be made in reliance on any of the statements or information provided. Market participants are advised to make an investment in, hold or sell any financial product only after carefully considering the associated risks and tax consequences, including information detailed in any offering memorandum or similar document prepared by or on behalf of the issuer of the financial product, with the advice of a qualified professional investment adviser and tax advisor.<\/sup><\/li><li><sup>Under section 1256 of the Tax Code, profit and loss on transactions in certain exchange-traded options and futures are entitled to be taxed at a rate equal to 60% long-term and 40% short-term capital gain or loss, provided that the market participants involved and the strategy employed satisfy the criteria of the Tax Code. Market participants should consult with their tax advisors to determine how the profit and loss on any particular option or futures strategy will be taxed. 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