Do all ETFs have an expiry date similar to SPY?
No. SPY is structured as a Unit Investment Trust (UIT). UITs have to have a termination date. Newer ETFs in the US are not structured as UITs, and so do not have termination dates.
There's a subtle difference in their descriptions (emphasis added):
DGP is a levered ETN promising twice the daily returns of an optimized gold index—wherein gold futures contracts are chosen with an eye to beating contango.
UGL promises twice the daily returns of gold—it's a bullish bet on the spot price of gold bullion. It's designed for short-term ...
I don't know what transpired on the show "Billions" so I can't address their position or how they managed it. If you correctly described Axe's statement, it would be incorrect.
XIV is exchange-traded note (ETN) that is designed to provide inverse performance of the VIX. So you several choices to avoid further losses during a drop:
You can close your ...
While we're not supposed to make direct recommendations, and I am in no way advising anything, USO an ETF that buys light sweet crude oil futures with the intention of mirroring the price movements of oil.
Generally, ETFs work on the basis that there exists a pair of values that can be taken at any moment in time: A Net Asset Value of each share in the fund and a trading market price of each share in the fund. It may help to picture these in baskets of about 50,000 shares for the creation/redemption process.
If the NAV is greater than the market price, then ...