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

This is likely the most fast-moving thing in your portfolio, with price swings roughly 45 times larger than the broader market's.

What is going on right now?

VXX has lost about a third of its value this year alone. It tracks short-term contracts tied to how nervous the market feels, not any company or product.

How is the business itself doing?

It doesn't earn money the way a company does. Think of it like a ticket that expires and gets replaced constantly, and each replacement costs a little more. That rolling cost is why it tends to shrink over time.

What stands out?

Over three years it has lost roughly 43%, and over five years about 44%. Its annual fee is 0.89%, but the real drag comes from that constant ticket replacement.

What comes next?

Reports of recession worries and election uncertainty have been noted across markets, and both can suddenly change how much people are willing to pay for these contracts.