VXX is an exchange-traded note ("ETN") based on The S&P 500 VIX Short-Term Futures™ Index, which is designed to provide access to equity market volatility through Cboe Volatility Index® ("VIX®") futures. Specifically, the S&P 500 VIX Short-Term Futures™ Index offers exposure to a daily rolling long position in the first and second month of VIX futures contracts and reflects the implied volatility of the S&P 500® Index one month later. The index futures roll continuously throughout each month from the first month of the VIX futures contract into the second month of the contract.