VXX

The iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) is an exchange-traded product designed to track short-term changes in implied volatility in the U.S. equity market. VXX is an Exchange-Traded Note (ETN) issued by Barclays Bank PLC and trades under the ticker VXX on NYSE Arca.

Classified as an ETN with exposure to U.S. market volatility derivatives, VXX seeks to reflect, before fees and expenses, the performance of short-term futures contracts linked to the VIX index.

The product follows a passive strategy based on the S&P 500 VIX Short-Term Futures Index Total Return, maintaining continuous exposure to first- and second-month VIX futures contracts. The methodology involves periodic futures rolling designed to preserve short-term implied volatility exposure.

Composition / Exposure profile

VXX provides concentrated exposure to financial instruments linked to implied volatility in the U.S. equity market, including:

• VIX futures contracts
• Short-term financial derivatives
• Exposure to S&P 500 implied volatility
• Instruments tied to the volatility futures market

This structure does not provide direct exposure to traditional equities, but instead to volatility derivatives dynamics.

Structure and costs

VXX notes trade on the secondary market on NYSE Arca during regular trading hours. Issuance and redemption occur according to the ETN’s operational structure, helping maintain alignment between market price and indicative value.

The product charges fees outlined in its offering documents and does not apply a performance fee. VXX does not distribute income, since its structure is based exclusively on futures contracts and derivative instruments.

History and evolution of the ETF

The iPath Series B S&P 500 VIX Short-Term Futures ETN was launched in 2018, during a period of growing demand for instruments designed to track financial market volatility.

Since inception, the product has been used by investors seeking short-term exposure to implied volatility in the U.S. equity market through exchange-listed derivatives.

In recent years, VXX has reflected periods of elevated volatility associated with the pandemic, Federal Reserve monetary policy shifts, geopolitical events, and abrupt fluctuations across global financial markets.

Additional Information

iPath Series B S&P 500 VIX Short-Term Futures ETN (United States) is an exchange-traded fund (ETF), with assets under management totaling $471.34 M.

Over the past 12 months, iPath Series B S&P 500 VIX Short-Term Futures ETN recorded a return of -46.88%, with its price trading between $25.75 and $58.79 during the same period.

The ETF is traded under the ticker VXX.