What Is VIXY ETF? A Complete Guide to Returns, Expense Ratio, Holdings and Alternative ETFs
The ProShares VIX Short-Term Futures ETF (VIXY) is a volatility product that tracks the S&P 500 VIX Short-Term Futures Index, used for hedging market selloffs and trading volatility. The key consideration is the erosion of value from futures roll costs when held long term. It pays no dividend and is best suited as a short-term tactical tool.
SubscribeWhat Is the ProShares VIX Short-Term Futures ETF?
This is a volatility-exposure ETF that tracks the S&P 500 VIX Short-Term Futures Index. It invests in VIX futures, which reflect expected volatility over the next 30 days, and generally moves in the opposite direction of the stock market.
It is suited to experienced investors who use short-term hedging or volatility trading strategies, and is not appropriate for long-term holding.
It is a passively managed (index-tracking) ETF operated by ProShares.
How Does the ProShares VIX Short-Term Futures ETF Invest?
| Item | Details |
|---|---|
| Tracked Index | S&P 500 VIX Short-Term Futures Index |
| Management Style | Passive (index tracking) |
| Rebalancing Frequency | Daily futures roll |
| Dividend Frequency | No dividend |
| Underlying Assets | VIX futures contracts |
| Total Expense Ratio | 0.85% |
The fund holds first-month and second-month VIX futures and adjusts the weighting daily to maintain an average maturity of about 30 days. Because it gains exposure to volatility through futures contracts rather than individual stocks, the roll costs incurred when futures expire and are replaced have a cumulative effect on long-term performance.
- Volatility exposure that moves in the opposite direction of the stock market
- A futures-based, short-term tactical tool
ProShares VIX Short-Term Futures ETF Size and Costs (AUM and Management Fee)
Assets under management (AUM) stand at $210.3M, and the total expense ratio is 0.85% per year.
Its exposure structure is similar to VXX, another fund in the same volatility category, and investors choosing between them can compare differences in issuer and structure.
ProShares VIX Short-Term Futures ETF Performance and Trends
1-Year Price Performance
Dividend & Yield
52-Week Price RangeWhen equity markets are calm, the fund tends to see its value erode gradually through futures roll costs. During sharp market selloffs, however, it surges over a short period, showing the asymmetric pattern typical of volatility products.
Money tends to flow in as hedging demand when market uncertainty rises, and flow out quickly once volatility subsides. Overall, turnover of short-term tactical trading capital is quite active.
ProShares VIX Short-Term Futures ETF Pros and Cons
It is useful as a short-term hedge against market selloffs, but the major drawback is the high risk of value erosion from roll costs when held for a long time.
💪 Key Strengths
⚠️ Points to Watch
ProShares VIX Short-Term Futures ETF Alternative ETFs and Related Products
A direct substitute with exposure to the same short-term VIX futures is VXX, which has a similar structure. SVXY is an inverse product that bets on the opposite direction, and UVXY is a leveraged product with a larger multiple of volatility exposure. Investors can also consider VIXM, a mid-term volatility ETF that tracks a longer maturity range and carries a relatively milder roll burden.
Peer Comparison ETFs| Ticker | Name | Price | Change | AUM | Total Expense Ratio | Dividend Yield | 1Y |
|---|---|---|---|---|---|---|---|
 MOAT | VanEck Morningstar Wide Moat ETF | $112.38 | -0.0% | $11.8B | 0.46% | 1.25% | +11.2% |
 PTLC | Pacer Trendpilot US Large Cap ETF | $59.03 | -1.7% | $3.3B | 0.60% | 1% | +5.6% |
 BALT | Innovator Defined Wealth Shield ETF | $34.97 | -0.3% | $3.2B | 0.69% | - | +6.0% |
 ACIO | Aptus Collared Investment Opportunity ETF | $46.30 | -1.5% | $2.4B | 0.79% | 0.39% | +5.3% |
 PKW | Invesco BuyBack Achievers ETF | $150.53 | -0.3% | $1.8B | 0.63% | 0.64% | +16.8% |
ProShares VIX Short-Term Futures ETF Investor Checkpoints
Here are the points to review before investing in VIXY. Volatility products are entirely different in nature from typical index ETFs, so it is advisable to clarify your holding period and investment goal and fully understand the roll cost structure before approaching them.
| Checkpoint | What to Check | Current Status |
|---|---|---|
| ⏱️ Holding Period | Confirm whether it is for short-term tactical trading | Unsuitable for long-term holding |
| 💸 Roll Costs | Cumulative impact of futures replacement costs | Ongoing |
| 📉 Hedging Purpose | Suitability for a portfolio hedging strategy | Needs confirmation |
| 💵 Expense Ratio | Burden of futures management fees | Somewhat high |
The key risk is structural value erosion from roll costs when held for a long time. In periods when volatility subsides, steady declines can continue, so managing the timing of buying and selling is essential.
VIXY (VIX Short-Term Futures ETF) is a tactical tool specialized for short-term hedging against market selloffs and for volatility trading. It is unsuitable as a long-term core asset and is recommended only for investors who fully understand the structure of volatility products.
SubscribeDisclaimer: This content is for informational purposes only and does not constitute investment advice. All investment responsibility lies with the investor.
This article reflects information as of June 18, 2026.
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