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.
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- The Funds
- FAQs and Resources
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
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.
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.
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.
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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