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VXX is based off of rolling futures contracts in short term expirations. So you own a vehicle that rolls futures. Over the last week longer term volatility is going down even though the extremely near term remains high. VXX also continually loses money every time they roll due to slippage which is buying at ask and selling at bid or the spread. Definitely read the prospectus so you understand the underlying instruments you are trading and the risks involved...over time since VIX is mean reverting it will continually decay
what BA1 said. volatility is a measurement. it’s not subjective.