"Also john risk, VIXY reflects short term futures (of the VIX I take it). Is that in itself leverage? "
Thorburn
Well my take on it is that the VIXY is an ETF of the VIX, so it is a non leveraged derivative of the VIX.
TVIX is an ETF that uses other derivatives within the ETF structure to magnify any potential positive or negative movements on the VIX by a factor of 2.
So my response would be no the VIXY is not leveraged.
