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VIXM

GradeDChicago Board Options Exchange

ProShares VIX Mid-Term Futures ETF

Volatility product · Multi-Asset & Alternatives · ProShares · Inception 2011-01-03 · SEC filings

This fund tracks market volatility itself rather than stocks or bonds. It is built as a short-term trading instrument, not a buy-and-hold investment.

$12.96+0.07 (+0.58%)

As of Sep 23, 2026, 2:20 PM EDT

Intraday session: up, 59 prints from 12.89 to 12.96. Range 12.86 to 12.99. Use the arrow keys to read each point.$12.85$12.90$13.0010 AM12 PM2 PM4 PM
Expense ratio
0.85%
Fund size
$52M
1Y return
−19.9%
Yield · Last 12 months
—
Holdings
5
Volume · 30D
0.5M sh
NAV per share
$13.15
52W range
low $12.85high $17.72

The ETF.net VIXM Grade

D

31/ 100

Rank 12 of 13 in Portfolio Hedging⁠

Confidence Low

Six-pillar profile for VIXM. Scores out of 100: Cost 15, Risk 30, Mission not scored, Tradability 55, Holdings not scored, Durability 65. Strongest: Durability (65). Weakest: Cost (15). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 31 of 100 sits in the D band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    FScore 15
    Category rank11/13 · bottom quartile

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    DScore 30
    Category rank12/13 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    BScore 55
    Category rank5/13 · top 38%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    BScore 65
    Category rank7/13 · mid-pack

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

Our read on VIXM

ETF.net Research

DMost VIX funds crowd the front month. VIXM sits in the middle of the curve, rolling fourth-month futures out to seventh for a five-month average maturity. A longer-dated way to own expected S&P 500 volatility, trading since 2011.

Stated mandate

VIXM seeks to track the performance of the S&P 500 VIX Mid-Term Futures Index before fees and expenses.

Why people hold it

  1. 01Mid-curve by design: the index rolls fourth-month VIX futures into seventh while holding fifth and sixth, keeping a weighted average of five months to expiration.proshares.com
  2. 02Trading since 2011, one of the longer-running volatility funds, and it delivers VIX futures exposure through a single ticker in an ordinary brokerage account.proshares.com
  3. 03ProShares points to the mid-term VIX futures index historically moving opposite S&P 500 returns, which is the reason investors park it beside equity risk.proshares.com

Worth knowing

  1. 01At 0.85% a year, it runs above what several hedging peers charge, including PFIX (0.50%) and TAIL (0.59%).
  2. 02ProShares notes the VIX has tended to revert to a long-term average rather than climb over time, unlike asset classes that drift upward, so holding period matters here.proshares.com
  3. 03It is a commodity pool rather than a standard stock fund, so tax reporting differs from an equity ETF, and it does not pay regular distributions.

VIXM Holdings

As of Sep 20, 2026, 6:50 AM
Asset class
Other
Holdings
5
Top-10 weight
100%
Largest holding
Net Other Assets (Liabilities)100.0%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—Net Other Assets (Liabilities)100.00%52,095,816$52M162

Showing 1–1 of 1 holdings

VIXM Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

VIXM$8,011
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. VIXM $8,011. SPY $11,723. Use the arrow keys to read each point.$7,711$9,886$12,062Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for VIXM. Periods over one year show the average yearly return.
PeriodVIXM
Year to date−15.6%
1 month−8.1%
3 months−13.5%
1 year−19.9%
3 years−12.3%per year
5 years−16.4%per year
10 years−12.0%per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for VIXM
YearReturn barVIXM
2026 YTD−15.6%
2025+5.6%
2024−13.7%
2023−44.8%
2022−0.7%
2021−16.7%
2020+72.4%

VIXM in the news

ETF.net Research hasn’t filed on VIXM yet — coverage lands here as it’s written.

VIXM Dividends

This fund pays no distributions.
—Last 12 months
Payout per share
—Last 12 months

No distributions in the last 12 months.

VIXM Risk

How much the fund’s monthly returns vary, scaled to a year.
20.0%
Annualised · 36 months to Aug 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
−0.71
vs 3-month T-bills · to Aug 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−65.7%
Trough Sep 2026
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
−0.96
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

VIXM Cost

Expense ratio0.85%
  • The middle half of Portfolio Hedging funds
  • Median 0.63%

8 of the 11 Portfolio Hedging funds charge less.

VIXM costs $85.00 a year on $10,000. The median Portfolio Hedging fund costs $63.00.