iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) ETF Price, Holdings & News

Technical Score (1D)

SELL

News Sentiment

BULLISH

What's happening to VXX today?

VXX edged higher today as the CBOE Volatility Index climbed to 16.46, reflecting a renewed risk‑off appetite amid rising Treasury yields and oil prices. The uptick follows a week of muted volatility, with the VIX slipping below 15 after Wall Street lifted S&P 500 targets past 8,000, a move many analysts view as “eerie complacency.” The recent rise in the 10‑year yield above 4.7 % and the Fed’s hint at potential rate hikes inject pullback risk into the equity market, a factor that VXX’s VIX‑futures exposure is poised to capture. At the same time, the VIX’s sensitivity to macro‑driven commodity swings—particularly oil—creates a second‑order channel: higher oil prices feed into corporate earnings uncertainty, especially for energy‑heavy sectors that VXX indirectly tracks through volatility premiums. The VIX’s recent 1.8 % jump ahead of U.S. inflation data and Nvidia’s earnings further underscores the market’s wariness of a potential earnings‑driven shock. For traders, this confluence of rising yields, commodity pressure, and looming earnings releases suggests that VXX could benefit from a short‑term spike in implied volatility over the next 1–10 trading days. Watch for the upcoming inflation report and Nvidia’s results; a surprise there could trigger a volatility surge that VXX is designed to monetize. Traders should monitor the 10‑year yield trajectory and oil price movements as key drivers of VXX’s short‑term performance.

News Sentiment Analysis

Sentiment gathered from recent headlines

56/100

Strong NegativeNeutralStrong Positive

MODERATELY BULLISH

Recent News Coverage (Top ETF Holdings)

ETF: VXX

0+ articles

Last updated: February 15, 2026

Understanding VXX

The iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) provides exposure to short-term futures contracts on the CBOE Volatility Index (VIX). This structure means VXX does not directly track the VIX spot level, but rather the performance of VIX futures. As an ETN, it is an unsecured debt obligation of Barclays Bank PLC, and its value is subject to market fluctuations.

VXX's performance is heavily influenced by the shape of the VIX futures curve and the roll yield from continuously rolling over expiring contracts. The ETN's value can be significantly impacted by contango or backwardation in the VIX futures market. Investors should understand the nuances of VIX futures and the potential for significant losses, especially during periods of market calm.

ETN Structure

VXX is an Exchange Traded Note (ETN), not an ETF, representing unsecured debt. Its value is tied to the performance of VIX futures contracts. This structure exposes investors to credit risk associated with the issuer, Barclays Bank PLC.

Unlike ETFs, ETNs do not hold a portfolio of assets. Instead, their value is based on a promise to pay based on the underlying index's performance. This difference is crucial for understanding the risks involved.

The ETN structure means VXX's price can deviate from its indicative value, especially during periods of high volatility or illiquidity. This deviation can lead to tracking errors.

Volatility Exposure

VXX is designed to provide exposure to short-term VIX futures contracts. The ETN aims to reflect the daily movements of these futures. This makes it a tool for expressing views on market volatility.

The ETN's value is highly sensitive to changes in market volatility. Investors should be aware of the potential for rapid price swings. This sensitivity makes VXX a high-risk, high-reward investment.

VXX's performance is inversely correlated to the S&P 500. It tends to rise when the market falls and vice versa. This characteristic makes it a potential hedge, but also a risky bet.

Concentrated Holdings

VXX's top holding is VIX futures contracts, with 100% allocation. This concentrated exposure means the ETN's performance is almost entirely dependent on the performance of these futures. This lack of diversification increases risk.

The ETN's value is directly tied to the performance of VIX futures contracts. The ETN's value is directly tied to the performance of VIX futures contracts. The ETN's value is directly tied to the performance of VIX futures contracts.

Investors should carefully monitor the VIX futures market and understand the factors that influence its movements. This includes economic data releases, geopolitical events, and overall market sentiment.

Trading Frictions

VXX's liquidity can fluctuate, especially during periods of market stress. This can lead to wider bid-ask spreads and increased trading costs. Investors should consider these frictions.

The ETN's price can deviate from its indicative value due to trading imbalances. This deviation can create opportunities for arbitrage, but also risks for investors. Investors should be aware of these risks.

Investors should use limit orders to manage trading costs and minimize the impact of volatility. This strategy can help to reduce the risk of slippage.

Portfolio Role

VXX can be used as a tool for hedging against market downturns. Its inverse correlation to the S&P 500 makes it a potential diversifier. This can help to reduce overall portfolio risk.

The ETN is not suitable for long-term investment due to its structure and the inherent decay of VIX futures. Investors should use it strategically for short-term hedging or speculation.

VXX can be used to express a view on market volatility. Investors can use it to profit from increases in volatility. This strategy requires a deep understanding of the VIX futures market.

Positioning VXX

VXX is a specialized instrument best suited for tactical allocation. Its high volatility and ETN structure make it unsuitable for buy-and-hold strategies. Investors should consider using VXX to hedge existing equity positions or to speculate on short-term market volatility. Due to the ETN structure, investors should monitor the creditworthiness of the issuer. Consider the potential for contango and backwardation in the VIX futures market when sizing your position.

What Influences VXX?

VXX's value fluctuates based on the expected volatility of the S&P 500, as measured by the VIX index. Because it holds VIX futures, its performance is highly sensitive to the shape of the VIX futures curve.

VIX Futures Curve

The ETN's value is directly tied to the rolling of VIX futures contracts. When the futures curve is in contango (where near-term futures are priced lower than longer-dated ones), VXX tends to decline due to the cost of rolling these contracts.

Conversely, a backwardated curve (where near-term futures are priced higher) can provide a tailwind. The slope of the curve is a key driver of VXX's daily and longer-term performance.

Volatility Spikes

Unexpected spikes in market volatility, often triggered by economic data surprises or geopolitical events, can dramatically increase the VIX index and, by extension, the value of VXX.

The ETN's structure means it can provide rapid, leveraged exposure to these volatility spikes, but this also means it can decline rapidly when volatility subsides.

ETN Structure & Fees

As an ETN, VXX's returns are based on the performance of its underlying index, less any applicable fees. These fees, though relatively small, can erode returns over time, especially in periods of low volatility.

The ETN structure also means that VXX's price can deviate from its indicative value, particularly during periods of high market stress or illiquidity. Investors should monitor the premium/discount to NAV.

Key insight: VXX is most sensitive to changes in the VIX futures curve and sudden shifts in market volatility. Investors should carefully consider the ETN's structure and associated costs.

Key Metrics for VXX

VXX investors should focus on the dynamics of volatility futures and the ETN's structure. Key metrics help assess the impact of contango, roll yield, and the ETN's ability to track short-term VIX futures.

Contango Impact: This assesses the effect of contango, where near-term VIX futures are priced lower than longer-dated ones. Persistent contango leads to negative roll yield, eroding returns as the ETN rolls its holdings. Monitor the VIX futures term structure for contango's severity.

Tracking Error: Measures how closely VXX mirrors the returns of its underlying index, short-term VIX futures. A widening tracking error suggests inefficiencies or structural issues. Significant deviations from the index can indicate poor replication or high expense drag.

Roll Yield: Evaluates the impact of rolling futures contracts as they expire. Negative roll yield, common in contango, reduces returns. Positive roll yield, from backwardation, boosts returns. Track the ETN's roll schedule and the prevailing term structure of VIX futures.

Expense Ratio: The expense ratio is a critical factor, as it directly reduces returns. A higher expense ratio increases the hurdle for profitability. Compare VXX's expense ratio to similar volatility products to gauge its cost-effectiveness. (Note: Expense ratio data not provided; monitor this item.)

Volatility Regime: Assesses the prevailing volatility environment, as VXX's performance is highly sensitive to VIX movements. Rising volatility generally benefits VXX, while falling volatility hurts it. Monitor the VIX index level and its trend to anticipate VXX's performance.

Holdings Concentration: Given VXX's 100% allocation to VIX futures, this metric highlights the concentrated exposure. This concentration amplifies the impact of VIX movements on the ETN's returns. Monitor the VIX futures curve for potential risks and opportunities.

Risk Factors to Monitor

VXX's risk profile is dominated by volatility decay, futures curve dynamics, and the inherent leverage of its structure. Investors should understand the potential for significant losses due to these factors.

Volatility Decay
As an ETN tracking VIX futures, VXX is subject to contango, where near-term futures contracts are priced lower than longer-dated ones. This means the fund must regularly sell lower and buy higher, leading to a negative roll yield. Over time, this can erode the value of the ETN, even if the VIX itself remains stable or increases modestly.
Futures Curve Risk
The ETN's performance is directly tied to the shape of the VIX futures curve. Steepening or flattening of the curve can significantly impact returns. If the curve flattens unexpectedly, the ETN may underperform, while a steepening curve could lead to outperformance, though this is less likely in a sustained manner.
Leverage and Volatility
VXX's structure amplifies the daily movements of the VIX futures. This means that even small changes in the underlying VIX futures can result in substantial percentage gains or losses for the ETN. This leverage magnifies the impact of volatility, making VXX a high-risk investment.
Tracking Error
The ETN's performance may not perfectly mirror the movements of the VIX futures due to factors such as expense ratios and the ETN's methodology. This tracking error can lead to deviations from the expected returns. Investors should be aware of the potential for this divergence, especially during periods of high market volatility.
Expense Ratio Drag
The ETN's expense ratio, while not explicitly provided in the data, represents a direct cost that reduces returns. This ongoing fee erodes the value of the investment over time. The impact of the expense ratio is amplified by the ETN's volatility, as it is applied to a fluctuating principal.
Event Risk
Unexpected events, such as economic shocks or geopolitical crises, can trigger extreme volatility in the VIX futures market. These events can lead to rapid and unpredictable price swings in VXX. Investors should be prepared for the possibility of significant losses during periods of heightened market stress.

Frequently Asked Questions

What is VXX and what does it track?

VXX is an exchange-traded note (ETN) designed to provide exposure to the S&P 500 VIX Short-Term Futures Index. This index reflects the implied volatility of the S&P 500, often referred to as the 'fear gauge'. Investors should understand that VXX's performance is tied to VIX futures, not the VIX spot level.

What are the primary risks associated with investing in VXX?

VXX carries significant risks, including contango and backwardation in the VIX futures market. Contango, where near-term futures are priced lower than longer-term ones, can lead to negative roll yield. The ETN structure also introduces credit risk, as its performance depends on the issuer's ability to meet its obligations.

How does VXX's expense ratio compare to other volatility-linked products?

The expense ratio for VXX reflects the annual fees charged to manage the ETN. Investors should compare this expense ratio with those of other volatility-linked products, such as other VIX futures ETFs or ETNs, to assess the cost of exposure. Always review the prospectus for the most current fee information.

What is the structure of VXX and how does it work?

VXX is an ETN, not an ETF, meaning it is an unsecured debt obligation of the issuer. Its value is linked to the performance of the S&P 500 VIX Short-Term Futures Index. The ETN structure means that returns are based on the index's performance, minus fees, and subject to the issuer's creditworthiness.

What are the top holdings of VXX?

VXX's holdings are primarily composed of VIX futures contracts. The specific maturities and weights of these contracts change over time, reflecting the index methodology. Investors should monitor the holdings to understand the ETN's exposure to different VIX futures contracts.

How volatile is VXX compared to the broader market?

VXX is generally much more volatile than broad market indexes like the S&P 500. Its value can fluctuate dramatically in response to changes in market sentiment and volatility expectations. Investors should be prepared for significant price swings and consider their risk tolerance.

How liquid is VXX, and how does this affect trading?

VXX's liquidity can vary, and it is important to check the average daily trading volume. High trading volumes generally indicate greater liquidity, which can make it easier to buy and sell shares at desired prices. However, liquidity can decrease during periods of market stress.

What factors drive the price of VXX?

The price of VXX is primarily driven by the prices of VIX futures contracts. Market expectations of future volatility, as reflected in the VIX futures curve, have a direct impact. Economic data releases, geopolitical events, and overall market sentiment can also influence VXX's price.

How does VXX perform during periods of market stress?

VXX often experiences increased demand and price appreciation during periods of market stress. As market volatility rises, the VIX index and related futures contracts tend to increase in value. However, the ETN's performance can be affected by contango, potentially offsetting some of these gains.

What is the historical performance of VXX?

VXX's historical performance has been subject to significant volatility and potential erosion due to contango. Investors should review the ETN's past performance, but understand that past results are not indicative of future outcomes. Consider the ETN's long-term trend and its behavior during different market cycles.

News Sentiment Analysis

Sentiment gathered from recent headlines

56/100

Strong NegativeNeutralStrong Positive

MODERATELY BULLISH

Recent News Coverage (Top ETF Holdings)

ETF: VXX

0+ articles

Last updated: February 15, 2026

Understanding VXX

ETN Structure

The ETN structure means VXX's price can deviate from its indicative value, especially during periods of high volatility or illiquidity. This deviation can lead to tracking errors.

Volatility Exposure

VXX is designed to provide exposure to short-term VIX futures contracts. The ETN aims to reflect the daily movements of these futures. This makes it a tool for expressing views on market volatility.

The ETN's value is highly sensitive to changes in market volatility. Investors should be aware of the potential for rapid price swings. This sensitivity makes VXX a high-risk, high-reward investment.

VXX's performance is inversely correlated to the S&P 500. It tends to rise when the market falls and vice versa. This characteristic makes it a potential hedge, but also a risky bet.

Concentrated Holdings

Trading Frictions

VXX's liquidity can fluctuate, especially during periods of market stress. This can lead to wider bid-ask spreads and increased trading costs. Investors should consider these frictions.

Investors should use limit orders to manage trading costs and minimize the impact of volatility. This strategy can help to reduce the risk of slippage.

Portfolio Role

VXX can be used as a tool for hedging against market downturns. Its inverse correlation to the S&P 500 makes it a potential diversifier. This can help to reduce overall portfolio risk.

The ETN is not suitable for long-term investment due to its structure and the inherent decay of VIX futures. Investors should use it strategically for short-term hedging or speculation.

VXX can be used to express a view on market volatility. Investors can use it to profit from increases in volatility. This strategy requires a deep understanding of the VIX futures market.

Positioning VXX

What Influences VXX?

VIX Futures Curve

Conversely, a backwardated curve (where near-term futures are priced higher) can provide a tailwind. The slope of the curve is a key driver of VXX's daily and longer-term performance.

Volatility Spikes

Unexpected spikes in market volatility, often triggered by economic data surprises or geopolitical events, can dramatically increase the VIX index and, by extension, the value of VXX.

The ETN's structure means it can provide rapid, leveraged exposure to these volatility spikes, but this also means it can decline rapidly when volatility subsides.

ETN Structure & Fees

Key insight: VXX is most sensitive to changes in the VIX futures curve and sudden shifts in market volatility. Investors should carefully consider the ETN's structure and associated costs.

Key Metrics for VXX

Risk Factors to Monitor

Volatility Decay
As an ETN tracking VIX futures, VXX is subject to contango, where near-term futures contracts are priced lower than longer-dated ones. This means the fund must regularly sell lower and buy higher, leading to a negative roll yield. Over time, this can erode the value of the ETN, even if the VIX itself remains stable or increases modestly.
Futures Curve Risk
The ETN's performance is directly tied to the shape of the VIX futures curve. Steepening or flattening of the curve can significantly impact returns. If the curve flattens unexpectedly, the ETN may underperform, while a steepening curve could lead to outperformance, though this is less likely in a sustained manner.
Leverage and Volatility
VXX's structure amplifies the daily movements of the VIX futures. This means that even small changes in the underlying VIX futures can result in substantial percentage gains or losses for the ETN. This leverage magnifies the impact of volatility, making VXX a high-risk investment.
Tracking Error
The ETN's performance may not perfectly mirror the movements of the VIX futures due to factors such as expense ratios and the ETN's methodology. This tracking error can lead to deviations from the expected returns. Investors should be aware of the potential for this divergence, especially during periods of high market volatility.
Expense Ratio Drag
The ETN's expense ratio, while not explicitly provided in the data, represents a direct cost that reduces returns. This ongoing fee erodes the value of the investment over time. The impact of the expense ratio is amplified by the ETN's volatility, as it is applied to a fluctuating principal.
Event Risk
Unexpected events, such as economic shocks or geopolitical crises, can trigger extreme volatility in the VIX futures market. These events can lead to rapid and unpredictable price swings in VXX. Investors should be prepared for the possibility of significant losses during periods of heightened market stress.

Frequently Asked Questions

What is VXX and what does it track?

What are the primary risks associated with investing in VXX?

How does VXX's expense ratio compare to other volatility-linked products?

What is the structure of VXX and how does it work?

What are the top holdings of VXX?

How volatile is VXX compared to the broader market?

How liquid is VXX, and how does this affect trading?

What factors drive the price of VXX?

How does VXX perform during periods of market stress?

What is the historical performance of VXX?

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

What's happening to VXX today?

News Sentiment Analysis

Recent News Coverage (Top ETF Holdings)

Discover More

Understanding VXX

ETN Structure

Volatility Exposure

Concentrated Holdings

Trading Frictions

Portfolio Role

Positioning VXX

What Influences VXX?

VIX Futures Curve

Volatility Spikes

ETN Structure & Fees

Key Metrics for VXX

Risk Factors to Monitor

Frequently Asked Questions

News Sentiment Analysis

Recent News Coverage (Top ETF Holdings)

Discover More

Understanding VXX

ETN Structure

Volatility Exposure

Concentrated Holdings

Trading Frictions

Portfolio Role

Positioning VXX

What Influences VXX?

VIX Futures Curve

Volatility Spikes

ETN Structure & Fees

Key Metrics for VXX

Risk Factors to Monitor

Frequently Asked Questions