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It is an ETN not an ETF and yes it is heavily manipulated. Everyone knows this.However the spot VIX is an indicator. This product tracks futures of the VIX not the spot VIX.Futures are tracking +7.7% close to VXX. You are looking at the wrong product, read the title "SHORT TERM FUTURES ETN"http://cfe.cboe.com/Products/historicalVIX.aspx