XXV

iPath Inverse S&P 500 VIX Short-Term Futures ETN
*Unless otherwise stated, data provided by FactSet.

XXV Fund Description

The iPath Inverse S&P 500 VIX Short-Term Futures ETN provides inverse exposure to an index comprising first- and second-month VIX future positions with a weighted average maturity of 1 month.

XXV Factset Analytics Insight

This ETN was delisted after the market close on 04/12/2018. XXV delivers inverse exposure to short-term VIX futures in an ETN that most people ignore. The underlying index tracks VIX futures with 1-month remaining maturity on average, and XXV delivers -1x exposure to this index on a daily basis. If holding the note for longer than a day, plan to rebalance frequently. Without a doubt, VIX futures ETPs and geared ETPs are traders’ tools, so liquidity is paramount for a geared VIX futures product. For XXV, we see real capacity for trading but practically no actual volume. Regarding capacity, quoted spreads are tight, the order book is quite deep and block liquidity is strong. However, the fund doesn't actually trade frequently. The likely reason for this anomaly: APs and market makers can easily hedge their position with uber-liquid VXX, but nobody is actually buying or selling the note. XXV’s tiny asset base confirms its wallflower status, while traders flock to rival XIV. We see high risk that the note will de-list or be called away.

XXV Charts And Performance

  • 1 Month
  • 3 Months
  • YTD
  • 1 Year
  • 3 Years
  • 5 Years
  • Max
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PERFORMANCE [as of 07/09/20] 1 MONTH 3 MONTHS YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS
XXV -2.70% -4.16% -4.11% -4.13% -1.83% -1.19% --
ticker (NAV) -0.07% -0.18% -0.16% 0.33% 0.76% 0.35% --
S&P 500 VIX Short-Term Futures Index 5.21% -18.70% 124.15% 38.28% -13.28% -- --
N/A -- -- -- -- -- -- --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

XXV Summary Data

iPath
07/16/10
Exchange-Traded Note
0.89%
$424.97K
4.05%

XXV Portfolio Data

0.00%
N/A

XXV Index Data

Single Asset
Single Asset
N/A

XXV Fund Structure

No
N/A
N/A / N/A
Barclays Bank PLC
Low
Closing
-1
Variable

XXV Tax Exposures

20.00% / 39.60%
--
No
Cboe Book Viewer
Top Of Book
Last 10 Trades
Bats BZX Real-time Quote -

XXV Factset Analytics Block Liquidity

As of 07/10/20
5
4
3
2
1

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

XXV Tradability

217
$11.13K
6
0
4.05%
$1.53
-4.97%
-4.92% / -7.48%
None
0.00%
25,000
0.00
0.10%
--
0
$38.90
5