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Launched · SEC filings

ProShares VIX Mid-Term Futures ETF

VIXMCboeProSharesDThis 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.

$12.77−0.45 (−3.37%)

As of Nov 4, 2026, 2:30 PM ET

D31/ 100

Rank 12 of 13 in Portfolio Hedging

D31/100Rank 12 of 13inPortfolio Hedging
Intraday session: down, 60 prints from 13.21 to 12.77. Range 12.76 to 13.03. Use the arrow keys to read each point.12.9013.0013.1010 AM12 PM2 PM4 PM
Expense ratio
0.85%
Fund size
$45M
1Y total return
−19.5%
Yield · Last 12 months
No data
Holdings
1
Avg volume · 30D
458K sh
52W range
low $12.64high $17.72
Launched
Filings
SEC EDGAR

The ETF.net VIXM Grade

Based on 4 of 6 pillars

D

Score 31 out of 100

Category
Portfolio Hedging⁠
Rank
12 of 13
Six-pillar profile for VIXM. Scores out of 100: Cost 15, Risk 25, Mission not scored, Tradability 61, Holdings not scored, Durability 65. Strongest: Durability (65). Weakest: Cost (15). Based on 4 of 6 pillars.

Score 31 of 100 falls in the D band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    F15 out of 100
    Rank 11 of 13

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    D25 out of 100
    Rank 12 of 13

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B61 out of 100
    Rank 3 of 13

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    B65 out of 100
    Rank 6 of 13

Our read on VIXM

ETF.net Research

In short

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

  • Mid-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
  • Trading 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
  • ProShares 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

  • At 0.85% a year, it runs above what several hedging peers charge, including PFIX (0.50%) and TAIL (0.59%).
  • ProShares 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
  • It 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 Performance

Launched Jan 3, 2011

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

VIXM$8,055
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,158
Nov 3, 2025 to Nov 3, 2026. VIXM $8,055. SPY $11,158. Use the arrow keys to read each point.$8,000$9,000$10,000$11,000Nov 2025May 2026Nov 2026

Nov 3, 2025 – Nov 3, 2026

Returns run to the Nov 3, 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−13.5%
1 month+2.2%
3 months−8.2%
1 year−19.5%
3 yearsper year−11.5%
5 yearsper year−14.8%
10 yearsper year−11.8%

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−13.5%
2025+5.6%
2024−13.7%
2023−44.8%
2022−0.7%
2021−16.7%
2020+72.4%

VIXM in the news

VIXM Dividends

This fund pays no distributions.
No dataLast 12 months
Payout per share
No dataLast 12 months

No distributions in the last 12 months.

VIXM Risk

Risk pillarD25 out of 100Rank 12 of 13 in Portfolio Hedging
How much the fund’s monthly returns vary, scaled to a year.
19.9%
Annualised · 36 months to Oct 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.
−0.84
vs 3-month T-bills · to Oct 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.
−66.2%
Trough Oct 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.
−0.95
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.

FMP measures it over up to five years of monthly returns.

VIXM Cost

Compare VIXM and RFIX

Overpaying vs RFIX, cheapest in Portfolio Hedging

$6,220

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • VIXM 0.85%

    $16,199

  • RFIX 0.50% Cheapest

    $9,979

$10,000
30 years

Cost over time

  • VIXM 0.85%
  • RFIX 0.50%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530VIXM $16,199RFIX $9,979

Year by year

YearVIXMRFIXOverpaying
10$1,508$900$608
20$5,706$3,460$2,246
30$16,199$9,979$6,220

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