ProShares VIX Short-Term Futures seeks investment results, before fees and expenses, that track the performance of the S&P 500 VIX Short-Term Futures Index.
This fund is not an investment company regulated under the Investment Company Act of 1940 and is not afforded its protections. Please read the prospectus carefully before investing.
The CBOE Volatility Index® (VIX) is a widely followed measure of the expected volatility of the S&P 500. Since the VIX is not directly investable, S&P 500 volatility exposure is often achieved through VIX futures. Each of the VIX futures indexes measures the movements of a combination of VIX futures and is designed to track changes in the expectation for VIX over a specific time window in the future. As a result, the S&P 500 VIX Short-Term Futures Index and VIXY can be expected to perform differently than the VIX.