iPath Series B S&P 500 VIX Mid-Term Futures ETN(CBOE:VXZ)

VXZ offers generic midterm VIX futures exposure in an ETN wrapper. VIX futures allow investors to invest based on their view of the forward implied market volatility of the S&P 500. VXZ and other midterm ETPs provides exposure to VIX futures with average 5-month maturity. As a VIX ETP investor, it is important to note these two caveats: 1) Volatility ETPs deliver poor long-term exposure to the VIX index, and 2) Volatility ETPs have a history of erasing vast sums of investor capital over holdings periods. Investors should be aware of their expected position decay due to persistent contango in VIX futures, historically. Structured as an ETN, VXZ carries the counterparty risk of issuer Barclays. VXZ launched under the ticker VXZB as Series B replacement for the original VXZ. The old VXZ was delisted January 2019, and in May 2019, VXZB took over the VXZ ticker. The current VXZ provides identical exposure as the old one with some structural changes.