Based on the aggregated intelligence of 180,000-plus investors participating in Motley Fool CAPS, the Fool's free investing community, the iPath S&P 500 VIX Short-Term Futures ETN (NYSE: VXX) has received the dreaded one-star ranking.

With that in mind, let's take a closer look at iPath S&P 500 VIX Short-Term Futures ETN and see what CAPS investors are saying about the ETF right now.

VXX facts



Jan. 2009 

Total Net Assets

$1.1 billion

Investment Approach

Seeks to replicate the S&P 500 VIX Short-Term Futures Total Return Index. The index offers exposure to a daily rolling long position in the first and second month VIX futures contracts and reflects the implied volatility of the S&P 500 Index at various points along the volatility forward curve.

Expense Ratio


3-Month / 1-Year / 5-Year Returns

(33.4%) / (75.3%) / (64.4%)


iPath S&P 500 VIX Mid-Term Futures ETN (NYSE: VXZ)

Sources: S&P Capital IQ and Motley Fool CAPS.

On CAPS, 60% of the 544 members who have rated it believe the ETF will underperform the S&P 500 going forward.

Just last month, one of those Fools, All-Star TerryHogan, succinctly summed up the VXX bear case for our community: "Futures ETFs are bad in the long run. Short-term ETFs are bad in the long run. Put 'em together, and you got one heck of a dog. Easy red thumb."

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