Hi Ben and Stevie - I'm using this as a hedge against positions I feel are overvalued (reits, telcos and utilities), but dont want to sell. Normally I'd buy TLT or short or buy puts on indexes, but everything feels out of whack. I suspect volatility may pick up later this summer or early fall. I've had some luck shorting volatility and likely will short it again after selling VXX.
Thanks
Lance