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iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) - free report >>
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iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) - free report >>
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Volatility ETF (VXX) Hit a New 52-Week High
For investors seeking momentum, iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX - Free Report) is probably on the radar. The fund just hit a 52-week high and is up 173.7% from its 52-week low price of $39.98/share.
But are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea of where it might be headed:
VXX in Focus
The underlying S&P 500 VIX Short-Term Futures Index Total Return offers exposure to a daily rolling long position in the first and second month VIX futures contracts and reflects views of the future direction of the VIX index at the time of expiration of the VIX futures contracts comprising the Index. The product charges 89 bps in annual fees.
Why the Move?
Volatility has increased lately as tech stocks – long-standing winners – have been suffering due to mounting doubts over whether the huge investments made by big tech in artificial intelligence (AI) will pay off later than expected.
More Gains Ahead?
Currently, VXX might continue its strong performance in the near term, with a negative weighted alpha of 44.79, which doesn’t ensure a good momentum from here.