Can you help me with something? I was chatting with a buddy of mine today about VIX futures. He mentioned to me that he bought some VXX today because it’s “cheap”. I wanted to tell him that there are some real risks to that investment thesis but I couldn’t really bring myself to explain it because I always forget how to explain the erosion factor of the trade. Best I could tell him was that it is very likely VXX reverse splits, but told him I can’t explain the erosion. Can you help me out? I’ll probably just link him to this thread.