VXX Stock: iPath Series B S&P 500 VIX Short-Term Futures ETN Profile & Analysis (2026)
A high-risk tactical exchange-traded note designed to track equity market volatility through VIX short-term futures — Updated May 2026 with current AUM, expense ratio, holdings, and performance data.
The iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) is a specialized financial instrument designed to provide investors with exposure to equity market volatility. Unlike traditional equity holdings, such as those found in a complete list of food and beverage companies, VXX is not an investment in a business; rather, it is a tactical tool that tracks the S&P 500 VIX Short-Term Futures Index. It is critical for investors to understand that VXX is not intended for long-term holding, as the daily reset mechanism and the structural costs of maintaining futures positions often lead to significant value erosion over time.
Traders often use VXX alongside other vix short term futures etf products to hedge against sudden market downturns. While sectors like the complete list of semiconductor companies can experience sharp volatility, VXX is designed to spike when the broader market panics. However, due to its complex structure as an Exchange-Traded Note (ETN) issued by Morgan Stanley, it carries credit risk and severe compounding risks that make it suitable only for experienced short-term traders.
Key Takeaways — VXX Stock
VXX provides a way to profit from rising market fear, typically moving inversely to the S&P 500 during sharp corrections.
The fund targets a specific daily return, which means long-term returns can differ wildly from the performance of the VIX spot price.
As an Exchange-Traded Note, VXX is an unsecured debt obligation of Morgan Stanley, meaning it carries the credit risk of the issuer.
Due to contango in the futures market, VXX naturally loses value over long periods, making it an “insurance” tool rather than an investment.
VXX — Live Price Chart
Real-time chart from TradingView.
VXX ETF Vitals & Key Statistics
Core data as of May 2026.
| Data Point | Value | Data Point | Value |
|---|---|---|---|
| Full Name | iPath Series B S&P 500 VIX Short-Term Futures ETN | Ticker | VXX |
| Issuer | Morgan Stanley (iPath) | Asset Class | Alternatives / Volatility |
| Index Tracked | S&P 500 VIX Short-Term Futures Index Total Return | Structure | ETN |
| Expense Ratio | 0.89% | AUM | $525.49M |
| Inception Date | January 3, 2007 | Exchange | AMEX |
| No. of Holdings | 1 | Dividend Yield | 0.00% |
| 52-Week High | $56.01 | 52-Week Low | $23.85 |
| Avg Daily Volume | 8.66M | YTD Return | 6.81% |
| 1-Year Return | 13.23% | 5-Year Return | 53.31% |
| Category | Volatility (Tactical) | Dividend Frequency | N/A |
VXX Top 10 Holdings (May 2026)
Largest positions by weight. Click columns to sort.
| Rank | Ticker | Company Name | Sector | Weight % |
|---|---|---|---|---|
| 1 | VIX-FUT | S&P 500 VIX Short Term Futures contracts | Volatility | 100% |
| 2 | VIXY | ProShares VIX Short Term Futures ETF | Alternatives | 0.89% |
| 3 | UVXY | ProShares UltraShort VIX (1.5x Leveraged) | Leveraged | 1.08% |
| 4 | SVXY | ProShares Short VIX Short Term (Inverse) | Inverse | 0.80% |
| 5 | — | — | — | 0.00% |
| 6 | — | — | — | 0.00% |
| 7 | — | — | — | 0.00% |
| 8 | — | — | — | 0.00% |
| 9 | — | — | — | 0.00% |
| 10 | — | — | — | 0.00% |
VXX — Pros & Cons
✓ Explosive Hedging
Can provide triple-digit gains in extremely short timeframes during a sudden market crash or “black swan” event.
✗ Volatility Decay
The daily reset and contango effects cause the fund to lose value during periods of sideways or rising markets.
✓ High Liquidity
Despite its risks, it remains one of the most liquid volatility tools, allowing for rapid entry and exit for day traders.
✗ NO Long-Term Value
Unlike stocks, VXX has a mathematical bias toward zero over long horizons, making it dangerous for passive investors.
✓ Access to VIX Futures
Allows retail traders to bet on the “Fear Gauge” without needing a complex futures trading account.
✗ High Expense Ratio
An annual fee of 0.89% is significantly higher than broad market index funds, eating into tactical profits.
Who Should Consider VXX?
Active day traders and sophisticated institutional hedgers who need to offset immediate downside risk over 24-48 hours.
Long-term “buy and hold” investors, retirees, or anyone looking for a “safe haven” to keep money for more than a few days.
You have a high-conviction belief that a significant market-moving event (like an election or Fed meeting) will cause panic tomorrow.
Trading accounts with high risk tolerance. Not recommended for standard tax-advantaged retirement portfolios where capital preservation is key.
VXX vs Similar ETFs
Key metrics comparison.
| ETF | Full Name | Expense Ratio | AUM | Holdings | Div Yield | YTD | Best For |
|---|---|---|---|---|---|---|---|
| VXX ★ | iPath S&P 500 VIX Short-Term Futures ETN | 0.89% | $525.49M | 1 | 0.00% | 6.81% | Short-Term Hedging |
| VIXY | ProShares VIX Short Term Futures ETF | 0.89% | ~$200M | 1 | 0.00% | ~6.7% | ETF Structure Seekers |
| UVXY | ProShares UltraShort VIX | 1.08% | ~$400M | Leveraged | 0.00% | ~9.5% | Aggressive Traders |
| SVXY | ProShares Short VIX Short Term | 0.80% | ~$250M | Inverse | 0.00% | -4.2% | Betting vs Volatility |
VXX Technical Analysis
Real-time buy/sell signals.
VXX — Risks & Considerations
Leveraged Compounding Losses
The mathematical reality of daily resets means that even if volatility rises over a month, VXX can still lose money if that rise was choppy.
Contango (Structural Decay)
VXX must constantly “roll” its futures contracts. If the next month’s contract is more expensive, the fund loses value every time it rolls.
Credit Risk of Morgan Stanley
Because this is an ETN, if Morgan Stanley were to face bankruptcy, VXX holders could lose their entire principal regardless of market volatility.
Extreme Intraday Volatility
VXX can swing 10-20% in a single day. Without strict stop-losses, a trader can suffer devastating portfolio damage in minutes.