VXX – iPath Series B S&P 500 VIX Short-Term Futures ETN

About VXX

VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) is a VIX futures ETN from iPath (Barclays). It is not leveraged: it aims to follow its benchmark one-for-one. Its expense ratio is 0.89% a year, according to both the issuer and Yahoo Finance's fund profile.

What it tracks

VXX is an exchange-traded note issued by Barclays Bank: an unsecured debt obligation, not a fund that owns assets. It tracks the S&P 500 VIX Short-Term Futures Index, which holds a rolling position in first- and second-month VIX futures.

What to keep in mind

Because it is a note, holders take on Barclays' credit risk. VIX futures usually trade above the spot VIX in calm markets, so the constant roll has historically eroded VXX's value over long periods, even though it can jump when markets fall.

Why VIX products lose value over time

The VIX index itself cannot be bought, so these products hold VIX futures instead. In calm markets, longer-dated VIX futures usually cost more than nearer ones, so rolling from the expiring contract into the next one loses a little value each time. Over months this roll cost adds up, which is why these products have historically trended lower over long periods, while still being able to jump sharply in a sudden sell-off.

On this page

The VXX price above comes from the US regular trading session via Yahoo Finance and may be delayed; it updates automatically while this page is open. The chart switches between 1 day, 1 week, 1 month and 1 year, and the 1-week, 1-month and 1-year returns are price returns adjusted for share splits, not including distributions. The table below compares VXX with the other funds in the same category, and you can set a free price alert to be notified when VXX crosses a level you choose.

Other ETFs on this site built on the S&P 500 VIX Short-Term Futures Index: UVXY (1.5×). See all ETF categories or today's ETF heat map.