Unit Value and Return Rate
Historical NAV of XMM unit, measured in different currencies:
| (exchange rate)^ | |||||
| XMM/XRP | XMM/USD* | XMM/BTC* | USD/XRP | BTC/XRP | |
| 28/02/14 | 1.000 | 0.01420 | 0.00002481 | 70.44 | 40,300 |
| 31/03/14 | 1.426 | 0.01306 | 0.00002755 | 109.14 | 51,761 |
| 30/04/14 | 2.590 | 0.01370 | 0.00003103 | 188.98 | 83,466 |
| 31/05/14 | 3.084 | 0.01243 | 0.00002057 | 248.08 | 149,903 |
| 30/06/14 | 3.433 | 0.01312 | 0.00002153 | 261.65 | 159,415 |
| 31/07/14 | 2.675 | 0.01397 | 0.00002390 | 191.50 | 111,912 |
| 31/08/14 | 3.024 | 0.01486 | 0.00003013 | 203.50 | 100,336 |
| 30/09/14 | 3.164 | 0.01512 | 0.00003922 | 213.88 | 82,941 |
| 31/10/14 | 3.335 | 0.01626 | 0.00004745 | 205.13 | 70,300 |
| 30/11/14 | 2.096 | 0.02134 | 0.00006316 | 98.15 | 33,194 |
* Calculated based on the exchange-rates listed on the right columns.
^ exchange-rates are vwap of IOU.Bitstamp on the last day of each month (source: ripplecharts.com).
Return rate, measured in different currencies:
| ~XRP | ~USD | ~BTC | average | |
| Mar-2014 | 42.6% | -8.0% | 11.0% | 15.2% |
| Apr-2014 | 81.6% | 4.9% | 12.6% | 33.0% |
| May-2014 | 19.1% | -9.3% | -33.7% | -8.0% |
| Jun-2014 | 11.3% | 5.5% | 4.7% | 7.2% |
| Jul-2014 | -22.1% | 6.5% | 11.0% | -1.5% |
| Aug-2014 | 13.0% | 6.4% | 26.1% | 15.2% |
| Sep-2014 | 4.6% | -0.4% | 26.6% | 10.3% |
| Oct-2014 | 5.4% | 9.9% | 24.4% | 13.2% |
| Nov-2014 | -37.1% | 31.4% | 33.1% | 9.1% |
| 9-month ended Nov-2014. | 109.6% | 50.5% | 154.5% | 104.9% |
Review and Comment:
The price of XRP experienced a sharp rise during last two weeks of November. As a result, NAV of our fund had depreciated 37.1% against XRP, while gaining 31.4% against USD and 33.1% against BTC at the same period. The average return during the final month is ~9.1% which is in-line with our internal target.
It's quite a coincidence that the price of XRP has come back to a level near the early-stage of XMM. The 9-month return rates represent the overall performance of XMM since its inception. The Fund had achieved an average return rate of 104.9% during its life-span.
Final Redemption:
There were 321,086 units of XMM in-circulate when we made the announcement to dissolve the Fund two weeks ago. About 80% of our holders had chosen to convert their holdings into new RXM fund, leaving only 64,749 XMM outstanding at the end.
Sufficient amount of XRP had been send out to a special account for the purpose of final redemption. An offer had been created to buy back all outstanding XMM units at price of 2.096 XRP, which is the NAV-per-unit of the Fund measured on the last day of operation (30th-Nov-2014).
The remaining assets in the Hot-wallets and Trading-accounts are now owned by RXM.
The RXM Fund.
Due the sharp rise of XRP price in the past two weeks, NAV-per-unit of the fund is currently about 40% below XRP-parity. Hence, there will be no dividend payments (and also the 1:1 buy-back) in the near future, until the fund regain its value above 1XRP.
Contrary to XMM, the new fund will no longer restrict its trades on IRBA-member gateways. Some new IOUs might be added into our portfolio, e.g. CNY.RippleFox, JPY.TokyoJPY, JPY.RippleTradeJapan, etc.
RXM is managed under Ripple Dividend. Please visit its site for future announcement and updates regarding the fund.
Acknowledgement.
Last but not least, I would like to say thanks to all XMM-holders, especially those who had shown their support since the very beginning of this project. It's your contribution that make this happen and help injecting more liquidity into Ripple ecosystem.
Thank you.
