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

Unlike the funds around it, VXX is not a fund at all but an exchange-traded note, an unsecured debt security issued by Barclays. It is designed to track an index of short-term VIX futures, giving traders a liquid way to bet on rising stock-market volatility, and it typically spikes when equities crash. The structural flaw is roll cost: VIX futures are usually priced higher the further out you go, so the note must constantly sell cheaper expiring contracts and buy pricier later ones, bleeding value in calm markets. Left alone it trends relentlessly lower and has needed repeated reverse splits. That makes it strictly a short-term hedging or speculation tool, useless as a long-term holding. Being a note, it also carries Barclays' credit risk rather than owning any assets outright.

On MyRWA, VXX trades tokenized across 1 on-chain venue - see the listings below.