ETF Evaluator: iPath® B S&P 500® VIX S/T Futs™ ETN (VXX) Follow This ETF

iPath® B S&P 500® VIX S/T Futs™ ETN Overview

iPath® B S&P 500® VIX S/T Futs™ ETN (VXX) is a passively managed Miscellaneous Trading--Miscellaneous exchange-traded fund (ETF). iPath launched the ETF in 2018.

The investment seeks return linked to the performance of the S&P 500® VIX Short-Term Futures Index TR. The ETN offers exposure to futures contracts of specified maturities on the VIX index and not direct exposure to the VIX index or its spot level. The index is designed to provide investors with exposure to one or more maturities of futures contracts on the CBOE Volatility Index®.

About iPath® B S&P 500® VIX S/T Futs™ ETN (VXX)

There are 1 members of the management team with an average tenure of 8.45 years: No Manager (2018). Management tenure is more important for actively managed ETFs than passive index ETFs.

The ETF has 1 primary benchmark: S&P 500 VIX Short Term Futures TR USD index with a weighting of 100%. iPath® B S&P 500® VIX S/T Futs™ ETN has securities in its portfolio. The top 10 holdings constitute 0.0% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is considered to have an ESG focus with its investment selection and management.

iPath® B S&P 500® VIX S/T Futs™ ETN is part of the Other global asset class and is within the Miscellaneous ETF group. iPath® B S&P 500® VIX S/T Futs™ ETN has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). iPath® B S&P 500® VIX S/T Futs™ ETN has 0.0% of the portfolio in cash.

Assets Under Management

The fund has $441 million in total assets, which is above the $79 million average for the Trading--Miscellaneous category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

VXX Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The iPath® B S&P 500® VIX S/T Futs™ ETN expense ratio is high compared to funds in the Trading--Miscellaneous category. iPath® B S&P 500® VIX S/T Futs™ ETN has an expense ratio of 0.89%, which is 13% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. iPath® B S&P 500® VIX S/T Futs™ ETN has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 46% for the Trading--Miscellaneous category.

Recently, in the month of June 2026, iPath® B S&P 500® VIX S/T Futs™ ETN returned -8.3%, which earned it a grade of C, as the Trading--Miscellaneous category had an average return of -10.1%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.

iPath® B S&P 500® VIX S/T Futs™ ETN has a trailing yield of 0.00%, which is below the 76.91% category average. The fund normally distributes its income annually.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

iPath® B S&P 500® VIX S/T Futs™ ETN Grades

Year to date, the ETF has returned -16.8%, 17.3 percentage points worse than the category, which translates into a grade of D. The fund has returned -54.0% over the past year (grade of D), -39.5% over the past three years (grade of F) and -45.8% per year over the past five years (grade of F).

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