XXViPath Inverse S&P 500 VIX Short-Term Futures ETN
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
XXV Summary Data
XXV Portfolio Data
XXV Index Data
XXV Fund Structure
XXV Tax Exposures
XXV Factset Analytics Block Liquidity
This measurement shows how easy it is to trade a $1 million USD block of XXV. XXV is rated a 5 out of 5.