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

iPath Series B S&P 500 VIX Short-Term Futures ETN is an exchange-traded note that provides exposure to short-term U.S. equity market volatility. Issued by Barclays Bank PLC, it seeks to replicate the performance of the S&P 500 VIX Short-Term Futures Index Total Return, which is constructed from front-month and second-month futures on the CBOE Volatility Index. The note offers a way to access implied volatility on the S&P 500 through a rolling portfolio of VIX futures with an average maturity of about one month, resetting its exposure daily. As an ETN, it represents unsecured debt of the issuer rather than a claim on underlying securities, introducing issuer credit risk distinct from traditional ETFs. In today’s market, iPath Series B S&P 500 VIX Short-Term Futures ETN is primarily used as a tactical trading and hedging instrument by investors and traders who seek targeted exposure to U.S. equity volatility as a separate asset class, often in the context of risk management or short-term volatility strategies.