Despite the recent decline in front and future VIX prices, many traders have recently taken speculative positions on increasing price ranges.  I decided to highlight the ten exchange-traded assets that had the widest weekly ranges as a proportion of Friday's closing price.  In addition to presenting just the range, I'm also providing the week's return, total dollar volume, and correlation to the S&P and gold.


Symbol Return Range Dollar Volume ($M) SPY Correlation GLD Correlation
TMF -11.1% 15.3% 28.461793 94.3% 66.0%
TYP -11.2% 15.1% 59.262521 -41.9% 55.7%
ZSL -10.5% 14.7% 64.935627 -5.7% -93.7%
SQQQ -10.6% 14.5% 163.841642 -39.0% 59.1%
CZM 7.9% 13.3% 25.011599 69.7% 91.9%
CZI -7.7% 13.2% 2.204423 -77.5% -82.7%
TMV 11.0% 13.2% 103.653646 -95.4% -63.2%
FAS -5.5% 12.8% 4001.066165 64.8% 28.1%
TYH 10.6% 12.7% 144.928741 43.9% -56.6%
TZA -4.4% 12.6% 2530.503744 -77.6% -87.2%



The results shouldn't be too surprising.  The pack is led by leveraged funds that track technology, Treasury, and commodities.  TYP, TYH, and SQQQ all correspond to triple-leverage Nasdaq or broad tech funds; of these, TYH and SQQQ were much more heavily traded this week.  Treasury funds hold their own as well, with the triple 20-year (TMF) and the triple short 30-year (TMV) showing large ranges this week.   ZSL is a double-leverage short silver fund, and CZM/CZI are triple-leveraged long/short China funds; much of the move in both Chinese and commodity markets this week was driven by the dollar.  Of all these funds, the triple-leverage financial ETF (FAS) clearly saw the most trading action, churning more than $4B this week.  With plenty of housing, job, and industrial data out next week, look for these funds to continue to expand on their recent price ranges.  

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