VXX (iPath S&P 500 VIX Short-Term Futures ETN)

VXX is one of the best known and most liquid VIX exchange traded products. The one currently trading is Series B, which originally traded as VXXB (before Series A expired on 30 January 2019).

VXX Exposure and Basic Characteristics

VXX provides exposure to short-term VIX futures, as it is designed to track the S&P500 VIX Short-Term Futures Index (its total return version, Bloomberg ticker SPVXSTR).

For those who can't or don't want to trade VIX futures directly, VXX is the most convenient way of getting an exposure to the VIX (CBOE Volatility Index), although VIX futures and therefore also the VXX move differently (sometimes very differently) from the spot VIX index. Another liquid and optionable VIX ETN with similar exposure is VIXY (by ProShares). The also similar VIIX (by VelocityShares) was delisted in July 2020.

Direction: Long, unleveraged

Underlying index: S&P500 VIX Short-Term Futures Index TR

Exposure: Short end (near term) of the VIX futures curve (long positions in the nearest and the second nearest VIX futures contract months, rolling to maintain constant 1 month maturity).

VXX options: Available and very liquid

Product type: ETN (exchange traded note)

Issuer: Barclays Bank PLC

Provider: Barclays iPath

Inception date: 19 January 2018

Expiration date: 23 January 2048


The original VXX started on 29 January 2009 and expired on 30 January 2019. Given its popularity, Barclays issued a second instance, "Series B", which started trading on 19 January 2018.

Therefore, for about a year, both series traded simultaneously. Series A was still trading under its old symbol VXX, while Series B had a temporary symbol VXXB. After Series A expired, Series B symbol changed to VXX.

Series B is due to expire on 23 January 2048, so another transition like this won't be necessary for a long time.

Official Information and Links

The iPath S&P 500 VIX Short-Term Futures ETN is designed to provide investors with exposure to the S&P 500 VIX Short-Term Futures Index Total Return. ... The S&P 500 VIX Short-Term Futures Index Total Return is designed to provide access to equity market volatility through CBOE Volatility Index futures. The Index offers exposure to a daily rolling long position in the first and second month VIX futures contracts and reflects the implied volatility of the S&P 500 at various points along the volatility forward curve.

VXX product page: https://ipathetn.barclays/details.app;instrumentId=341408

VXX Quotes, Assets, and Trading Volume

Yahoo Finance: finance.yahoo.com/quote/VXX

Bloomberg.com: www.bloomberg.com/quote/VXX:US

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