Yes. But first, I have to give your vendor kudos for replacing your unit...that was very good of them.
RMS stands for Root Mean Squared and, not to get too technical, it is the equivalent direct current (DC) voltage for a sine wave or square wave wave-form. The VMax and quite a few other variable voltage APV's use what is called Pulse Width Modulation to make a higher voltage "emulate" a lower one. This is done by switching the voltage on and off rapidly so that it "acts" like a lower voltage on the atty.
Mistakenly, some manufacturers designed their PWM
devices to show the
average voltage where, for instance a 6-volt output that is switched on 50% of the time and off 50% of the time would show as 3 Volts on the display. Unfortunately, that is not correct because, under those circumstances (50% duty cycle) the PWM voltage actually acts like 4.24 Volts (the RMS value).
The V2 VMax (and ZMax) now have an RMS mode that displays a much more correct voltage that will match more closely with other RMS-reading
devices and DC-regulated
devices like the Provari.
My suggestion, put it in RMS mode and leave it there. It will take you a while to re-learn what voltages work best with your atty's but you'll be seeing a much more accurate voltage on your display.