iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) is an exchange-traded note issued by Barclays Bank PLC that provides exposure to a daily rolling long position in the fourth-, fifth-, sixth- and seventh-month futures contracts on the CBOE Volatility Index (VIX), tracking the performance of the S&P 500 VIX Mid-Term Futures Index Total Return; this index reflects the implied volatility of the S&P 500 Index rather than direct exposure to the VIX spot level or underlying equities. Barclays Bank PLC, founded in 1690 and headquartered in London, United Kingdom, offers this uncollateralized debt instrument domiciled in the United Kingdom with a scheduled maturity on January 23, 2048, targeting investors seeking mid-term volatility exposure in the U.S. equity markets. The ETN operates globally through major exchanges like BATS, with assets under management around $37 million and a net expense ratio of 0.89%, serving institutional and retail investors focused on volatility trading and hedging strategies.
In July 2024, VXZ underwent a 1-for-4 reverse stock split effective July 24, adjusting shares to consolidate trading units and maintain exchange listing compliance amid fluctuating volatility demand. Barclays resumed further issuances and sales of certain iPath ETNs, including those tracking VIX futures, in 2022 following a temporary halt, signaling renewed commitment to the product line. Recent institutional activity includes increased holdings by firms like Barclays (up 13.43% to 315K shares), IMC-Chicago (up 15.01%), and Group One Trading (up 43.22%), alongside a Jefferies Buy recommendation in October 2025 projecting upside potential.