iPath S&P 500 VIX Mid-Term Futures ETN (VXZ)
The iPath S&P 500 VIX Mid-Term Futures ETN (NYSE:VXZ) is like the VXX, but with four- to seven-month options. The curve out there is generally flat, so no contango problems.
Futures that far out also don’t move much, so you’re really not going to gain or lose much of anything by trading VXZ. It’s also pointless to hold it as it won’t actually move enough to hedge a portfolio in any important way.