VIX Short-Term Futures ETF - VIXY VIX Short-Term Futures ETF

ProShares VIX Short-Term Futures ETF seeks investment results, before fees and expenses, that track the performance of the S&P 500 VIX Short-Term Futures Index.

VIXY provides long exposure to the S&P 500 VIX Short-Term Futures Index, which measures the returns of a portfolio of monthly VIX futures contracts with a weighted average of one month to expiration.

  • Designed for knowledgeable investors who seek to:
  • Profit from increases in the expected volatility of the S&P 500, as measured by the prices of VIX futures contracts.
  • Reduce U.S. equity portfolio risk, since changes in the VIX Short-Term Futures Index have historically been negatively correlated to S&P 500 returns.
  • Intended for short-term use; investors should actively manage and monitor their investments, as frequently as daily.
  • Does not track the performance of the CBOE Volatility Index (VIX) and can be expected to perform very differently from the VIX.

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.

  • Read more about ProShares Volatility ETFs and VIX futures indexes.

Index/Benchmark Summary

The S&P 500 VIX Short-Term Futures Index measures the returns of a portfolio of monthly VIX futures contracts that rolls positions from first-month contracts into second-month contracts on a daily basis. The index maintains a weighted average of one month to expiration.

VIX futures contracts price the market's view of the value of the CBOE Volatility Index (VIX) on the expiration dates of such futures contracts. The VIX measures expected volatility of the S&P 500 over the next 30 days and is calculated based on the price of a constantly changing portfolio of options on the S&P 500. The VIX is not directly investable.

Unlike other asset classes that have tended to increase in price over long periods of time, the level of the VIX has tended to revert to a long-term average over time. As such, any gains from investments in VIX futures contracts may be constrained and subject to unexpected reversals as the VIX reverts to its long-term average. VIX futures indexes have historically reflected significant costs associated with rolling VIX futures contracts on a daily basis. These costs can consistently reduce returns over time. VIX futures indexes can be highly volatile.

S&P Dow Jones Indices and CBOE provide more information on the following topics: