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Traders Are Flocking to XIV’s Competitor

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Riverfront's Rod Smyth Says Do Not Buy Leveraged ETFs

XIV is getting redeemed, but traders are flocking to its close competitor, SVXY.

The exchange-traded product, which like XIV gains when equity-volatility futures fall, received a record $300 million in inflows even as its value sank to an almost six-year low on Thursday. Shares outstanding on the ETF jumped to unprecedented levels, while its indicative value sank.