VMAX

REX VolMAXX Long VIX Weekly Futures Strategy ETF
N/A

N/A
  • Overview
  • Efficiency
  • Tradability
  • Fit

VMAX Fund Description

The REX VolMAXX Long VIX Weekly Futures Strategy ETF provides exposure to VIX futures with less than 30 days to expiry. The fund is actively managed.

VMAX Factset Analytics Insight

VMAX offers exposure to short-term VIX futures, and comes with a few features that set it apart from peers. Two caveats: volatility ETPs have historically delivered poor long-term exposure to the VIX index, and have sometimes erased vast sums of investor capital even in the short-term.

To mitigate the first caveat, VMAX aims for aggregate exposure to VIX futures with less than 30 days to expiry using weekly contracts, while competing short-term products use monthly contracts and aim for an average term of 1 month. Shortened terms could produce better exposure to the wildly volatile VIX index. On the flip side, short-term volatility ETPs have historically been more susceptible to massive decay from contango relative to mid-term (5 month average) products. VMAX’s underlying weekly futures and active management may set it apart from other 1 month products with respect to roll costs.

VMAX is structured as an open-ended fund rather than an ETN or commodity pool, and therefore avoids both counterparty risk and K-1 tax treatment. To do so, the fund invests in an offshore subsidiary that holds the futures. Tax treatment of the annual distributions is complex; however, the typical holding period for successful peer products like VXX is measured in days rather than years. VMAX charges a higher fee relative to its peers.

  • 1 Month
  • 3 Months
  • YTD
  • 1 Year
  • 3 Years
  • 5 Years
  • Max
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VMAX Summary Data

REX
05/02/16
Open-Ended Fund
2.9%
$2.12M
$108.93K
0.96%

VMAX Portfolio Data

S&P 500 Short-Term
0.00%
N/A
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VMAX Index Data

No Underlying Index
Proprietary
Proprietary
CBOE Volatility Index
Total Return
  • 1 Month
  • 3 Months
  • YTD
  • 1 Year
  • 3 Years
  • 5 Years
  • Max

VMAX Portfolio Management

2.9%
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VMAX Tax Exposures

20% / 39.6%
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Ordinary income
No

VMAX Fund Structure

Open-Ended Fund
Yes
No
No Policy
N/A
N/A
High
Daily
Bats Book Viewer
TOP OF BOOK
SHARES/SIZEPRICE
ASKS----
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50014.73
BIDS50012.87
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LAST 10 TRADES
TIMEPRICESHARES
09:30:0013.731,000
09:30:0013.731,000
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Bats BZX Real-time Quote - 13:15:37
Daily Spread
Premium/Discount
Volume

VMAX Factset Analytics Block Liquidity

As of 11/22/17
5
4
3
2
1

This measurement shows how easy it is to trade a $1 million USD block of VMAX. VMAX is rated a N/A out of 5.

VMAX Tradability

6,681
$108.93K
4,849
$79.28K
0.96%
$0.16
0.44%
4.02% / -3.62%
None
100%
50,000
0.1
0.07%
0.12%
67
$13.85
N/A

VMAX Performance Statistics

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VMAX Correlations (Daily Returns 12 Mo)

Rolling 30-day Correlation to VIX Index

This chart is unavailable