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Volatility ETFs

Trade U.S. equity volatility.

Our volatility ETFs are designed for knowledgeable investors who seek to profit from losses or decreases in the expected volatility of the S&P 500 as measured by the prices of VIX futures contracts, and reduce U.S. equity portfolio risk.

About our ETFs

ProShares is the world's largest provider of ETFs benchmarked to VIX futures indexes.

We offer four choices for investors who want to trade expected S&P 500 volatility, as measured by VIX futures prices. These include ETFs that offer exposure to the S&P 500 VIX Short-Term Futures Index and the S&P 500 VIX Mid-Term Futures Index, as well as leveraged and inverse exposure to the S&P 500 VIX Short-Term Futures Index.

Important Considerations about Performance

  • The funds do not track the performance of the Cboe Volatility Index (VIX) and can be expected to perform very differently from the VIX.
  • The funds are intended for short-term use. When holding the funds beyond short-term periods (even periods as short as one day), investors risk potentially losing a substantial portion of their investment. The longer the holding period, the greater the potential for loss. Investors should actively manage and monitor their investments, as frequently as daily.
  • 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 the funds, which invest 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, particularly for VIXY, UVXY and VIXM, over time.
  • VIX futures indexes can be highly volatile and have historically been significantly more volatile than major stock indexes. Investors could potentially lose the full value of their investment over periods even as short as one day.

Find Volatility ETFs

Volatility

VIXY

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.

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Volatility

VIXM

VIX Mid-Term Futures ETF

Seeks investment results, before fees and expenses, that track the performance of the S&P 500 VIX Mid-Term Futures Index.

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Volatility

UVXY

Ultra VIX Short-Term Futures ETF

Seeks daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the daily performance of the S&P 500 VIX Short-Term Futures Index.

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Volatility

SVXY

Short VIX Short-Term Futures ETF

Seeks daily investment results, before fees and expenses, that correspond to one-half the inverse (-0.5x) of the daily performance of the S&P 500 VIX Short-Term Futures Index.

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Get the latest perspectives and updates.

Some ProShares ETFs seek daily investment results that correspond, before fees and expenses, to a multiple of (e.g. 2x or -2x) the daily performance of its underlying benchmark (the “Daily Target”). While the Funds have a daily investment objective, you may hold a Fund’s shares for longer than one day if you believe it is consistent with your goals and risk tolerance. For any holding period other than a day, your return may be higher or lower than the Daily Target. These differences may be significant. Smaller index gains/losses and higher index volatility contribute to returns worse than the Daily Target. Larger index gains/losses and lower index volatility contribute to returns better than the Daily Target. The more extreme these factors are, the more they occur together, and the longer your holding period while these factors apply, the more your return will tend to deviate. Investors should consider periodically monitoring their geared fund investments in light of their goals and risk tolerance.

Investing involves risk, including the possible loss of principal. ProShares ETFs are generally non-diversified and each entails certain risks, which may include risk associated with the use of derivatives (swap agreements, futures contracts and similar instruments), imperfect benchmark correlation, leverage and market price variance, all of which can increase volatility and decrease performance. There is no guarantee any ProShares ETF will achieve its investment objective. ProShares are not suitable for all investors.

Carefully consider the investment objectives, risks, charges and expenses of ProShares before investing. This and other information can be found in their summary and full prospectuses. Read them carefully before investing. Separate ProShares Trust II prospectuses are available for Volatility, Commodity and Currency ETFs. Obtain prospectuses at ProShares.com.

ProShares Volatility, Commodity and Currency ETFs are not investment companies regulated under the Investment Company Act of 1940 and are not afforded its protections. Investing in these ETFs involves significant risks. Investors could lose all or substantially all of their investment. ProShares Trust II (the issuer) has filed registration statements (including prospectuses) with the SEC for the offerings to which this communication relates. Before you invest, you should read the prospectuses in those registration statements and other documents the issuer has filed with the SEC for more complete information about the issuer and these offerings. You may get these documents for free by visiting EDGAR on the SEC website at sec.gov. Alternatively, the issuer will arrange to send you the prospectuses if you request them by calling toll-free 866-PRO-5125, or visit ProShares.com. These ETFs do not invest directly in commodities or currencies. These funds generate a K-1 tax form.

ProShares are distributed by SEI Investments Distribution Co., which is not affiliated with the funds’ advisor or sponsor.

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