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VXZ

VXZ - iPath Series B S&P 500 VIX Mid-Term Futures ETN ETF Holdings & AI Analysis

$46.30
+0.52%

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

•ETF
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FIT ANALYSIS
Required for personalization

Fund DNA

Management Fee (Expense Ratio)

0.89%High
The annual fee charged by the fund. Lower fees preserve your long-term compounding.

Fund Size (AUM)

$39.31MStandard
Total market value of assets held. Massive funds generally offer maximum liquidity and stability.

Price to NAV

+1.54%Premium
Measures if the ETF trades above (premium) or below (discount) its actual underlying asset value.

Market Sensitivity (Beta)

-0.96Inverse
Measures price correlation with the S&P 500. A negative beta means this fund generally moves in the opposite direction of the market.
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This note tracks a basket of medium-term futures contracts tied to the stock market's expectation of future turbulence. It acts as an economic shock absorber that rises in value when fear and uncertainty grip the global financial system. I have synthesized my analysis of its asset composition, live market action, and macro factors to provide a comprehensive thesis. What specific areas can I detail for you?

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“A specialized portfolio insurance policy with a steep carrying cost.”

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BULLISH

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Generated on September 17, 2026
Reference Price: $46.71

The current macroeconomic landscape is caught between resilient economic growth and the looming threat of sudden inflation shocks. In periods of prolonged calm, assets tracking market volatility tend to bleed value, but they act as a vital insurance policy when central banks struggle to stick a soft landing. Right now, this asset is trading like a deeply discounted fire extinguisher, flashing a highly oversold momentum reading of 16.08, in a market that has not seen a serious blaze in months.

The Bull Case

  • If sticky inflation forces the Federal Reserve to hold interest rates higher for longer than anticipated, sudden market panic could cause volatility to spike dramatically.
  • A broader economic slowdown or unexpected geopolitical shock would send investors scrambling for portfolio protection, creating a massive surge in demand for this defensive asset.

The Bear Case

  • A successful soft landing by central banks, coupled with steady corporate earnings, will keep markets calm and actively suppress volatility over the long run.
  • The structural reality of rolling futures contracts means this asset slowly loses value over time during calm markets, acting as a silent drag that severely punishes long-term holders.

Macro Trends & Strategy Narrow

This note offers a highly specialized mechanism for betting on medium-term market turbulence. It is highly sensitive to the economic cycle, thriving only when fear grips Wall Street and interest rate uncertainty peaks. Because it relies on complex financial engineering rather than physical businesses with real pricing power, it lacks a traditional competitive advantage.

Fund Risk & Structure

Comprehensive proprietary risk architecture, tracking deviation metrics, counterparty exposure breakdown, and portfolio stress testing across varied macroeconomic interest rate regimes.

Portfolio Role & Verdict

Actionable core portfolio allocation assessment, long-term capital preservation guidance, tactical duration adjustments, and benchmark suitability verdict.

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This report is based on up-to-date financial fundamentals and Wall Street projections.