VMAX

REX VolMAXX Long VIX Futures Strategy ETF
N/A

N/A
  • Overview
  • Efficiency
  • Tradability
  • Fit

VMAX Fund Description

The REX VolMAXX Long VIX Futures Strategy ETF provides exposure to VIX futures, targeting 2-6 months to expiry. The fund is actively managed.

VMAX Factset Analytics Insight

VMAX aims for aggregate exposure to VIX futures with 2-6 months to expiry. First, note that VMAX does not track the VIX itselfno product does. Second, volatility ETPs have historically delivered poor long-term exposure to the VIX index and have erased vast sums of investor capital, sometimes in mere hours. Mid-term products like VMAX are less susceptible to massive decay from contango relative to short-term products, but at the cost of especially weak correlation to the VIX. VMAXs active management and variable 2-6 month tenor set it apart from similar products, which typically target contracts with 5 months to maturity.

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.

Prior to March 7, 2018, the fund held weekly VIX futures targeting less than 30 days to expiry. Prior to April 25, 2018, the fund name was REX VolMAXX VIX Weekly Futures Strategy.

  • 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
2.85%
$3.07M
$168.48K
1.08%

VMAX Portfolio Data

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

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

2.85%
--
--
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VMAX Tax Exposures

20.00% / 39.60%
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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
LAST 10 TRADES
Bats BZX Real-time Quote -
Daily Spread
Premium/Discount
Volume

VMAX Factset Analytics Block Liquidity

As of 04/26/18
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

7,192
$168.48K
3,854
$90.71K
1.08%
$0.26
0.27%
3.91% / -24.81%
None
100.00%
50,000
0.08
0.04%
0.12%
314
$22.67
N/A