The VelocityShares VIX Short Term ETN (VIIX) underperformed all other non-leveraged, non-inverse exchange traded products in the U.S. today on a percentage basis, producing a -4.36% one-day return and trailing the wider markets by a total of 4.76 percentage points.

Behind The Losses

VIIX closed today at $5.70 per share, down $0.26 (-4.36%). Putting this move in context, the S&P 500 index — largely considered the most popular and useful benchmark for equity performance — closed up $0.93 (+0.40%) on the day.

VIIX’s trading volume today was a total of 424,078 shares, which was a decrease of 6% versus its average daily trading volume of 453,509. Rising trading volume generally an indicator of increased demand for a particular security, and is typically associated with a specific news event or trend that draws investors into or out of specific asset classes, or sectors or subsectors within those classes.

Including any dividends as well as today’s losses, VIIX has now fallen a total of -33.87% year-to-date, versus a 4.55% gain in the S&P 500 during the same timeframe.

A Look Under The Hood

VelocityShares VIX Short Term ETN is a Alternative-focused product issued by VelocityShares. Its expense ratio of 0.89% makes it the #3 cheapest ETF among 11 total funds in the Volatility ETFs category.

VIIX currently boasts $10.29M in assets under management (AUM), placing it #8 of 11 ETFs in its category, and #1474 of 1915 total ETFs in the U.S. exchange traded universe.

The investment objective of the VelocityShares Daily Long VIX Short-Term ETN seeks to replicate the return of the daily performance of the S&P 500 VIX Short-Term Futures index. With the VIX being hit hard over the past few years — along with major contango in the futures markets — products like VIIX continue to head toward zero.

VIIX SMART Grade

VIIX currently has an ETF Daily News SMART Grade of F (Strong Sell), and is ranked #7 of 11 funds in the Volatility ETFs category.

For more information about this ETF, including full ratings, news, data, and more, please visit VIIX’s ticker page.

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