The four ProShares funds below offer different ways to take positions in VIX futures, but none tracks the spot VIX directly. The right ticker depends on the futures maturity and direction you want—and whether you understand the effects of futures rolling, daily leverage and compounding. These are distinct strategies, not a universal ranking or a personalized recommendation.
What these funds track—and what they do not
The VIX measures the options market’s expectation of S&P 500 volatility over the next 30 days. It is not directly investable. These ETFs instead seek exposure to indexes built from VIX futures, which can move differently from the spot VIX. A rise in the VIX therefore does not guarantee that a VIX-futures ETF will rise by the same amount—or rise at all.
The four funds below are the ProShares lineup covered here, not an exhaustive survey of every volatility product on the market. ProShares says its shares trade on an exchange and can be accessed through a brokerage account using a ticker.
Compare the four ProShares VIX ETFs
| Fund | Stated objective | How it differs |
|---|---|---|
| VIXY — ProShares VIX Short-Term Futures ETF | Seeks to match the S&P 500 VIX Short-Term Futures Index, representing 1x exposure before fees and expenses. | Unleveraged long exposure to short-term VIX futures. |
| VIXM — ProShares VIX Mid-Term Futures ETF | Seeks to track the S&P 500 VIX Mid-Term Futures Index. | Uses a mid-term rather than short-term futures index. A leverage multiple is not stated in the ProShares overview cited for this lineup. |
| UVXY — ProShares Ultra VIX Short-Term Futures ETF | Seeks 1.5x the short-term futures index’s daily performance before fees and expenses. | Leveraged long exposure with a daily reset; the target is not a 1.5x return over longer periods. |
| SVXY — ProShares Short VIX Short-Term Futures ETF | Seeks -0.5x the short-term futures index’s daily performance before fees and expenses. | Inverse daily exposure; a sharp rise in short-term VIX futures can hurt the position. |
These stated objectives describe what each fund seeks to deliver, not a guaranteed result. Fees and trading costs reduce investor returns; check the latest fund documents for current costs. The objectives and fund details can change.
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Why futures rolling can erode returns
Short-term exposure: VIXY and UVXY
VIXY’s benchmark rolls from first-month to second-month VIX futures contracts each day, maintaining a weighted average of about one month to expiration. Investors are therefore exposed to futures prices and the cost or benefit of replacing contracts, not just changes in the spot VIX.
ProShares warns that VIX futures indexes have historically reflected significant daily rolling costs that can consistently reduce returns, particularly for VIXY, UVXY and VIXM. Rolling effects can weigh on a fund even when volatility remains a concern or the spot VIX rises over part of the holding period.
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Mid-term exposure: VIXM
VIXM tracks a mid-term VIX futures index rather than the short-term index used by the other three funds. That changes the maturity exposure, not the basic distinction between futures and spot VIX. ProShares also includes VIXM among the funds particularly affected by historical rolling costs.
Why daily leverage and inverse targets are not long-term multiples
UVXY’s 1.5x and SVXY’s -0.5x objectives apply to one day. ProShares says those objectives were current as of October 7, 2026. Over multiple days, returns compound from each day’s result, so the fund’s return can differ significantly in amount—and possibly direction—from multiplying the index’s cumulative return by 1.5 or -0.5.
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Both objectives changed effective February 27, 2018: UVXY moved from 2x to 1.5x daily performance, while SVXY moved from -1x to -0.5x. Their five-year historical returns therefore span a period with different daily objectives. Past results from that period should not be read as if today’s target applied throughout.
What recent performance shows—and does not show
The following are ProShares month-end NAV total-return figures as of September 30, 2026. VIXM’s comparable return figures are not stated in the ProShares information cited for this article.
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| Fund | One-year NAV total return | Five-year NAV total return |
|---|---|---|
| VIXY | -47.65% (ProShares, as of September 30, 2026) | -48.24% (ProShares, as of September 30, 2026) |
| VIXM | not stated in the cited ProShares information | not stated in the cited ProShares information |
| UVXY | -67.08% (ProShares, as of September 30, 2026) | -69.11% (ProShares, as of September 30, 2026) |
| SVXY | 25.08% (ProShares, as of September 30, 2026) | 18.57% (ProShares, as of September 30, 2026) |
These are issuer-reported past returns, not a forecast, a market-wide ranking or evidence that one strategy is suitable for a particular investor. ProShares cautions that past performance does not guarantee future results and that current returns may be higher or lower.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to decide which strategy fits the exposure you want
- Want unleveraged short-term futures exposure? VIXY seeks 1x exposure to the short-term futures index before fees and expenses.
- Want mid-term rather than short-term futures exposure? VIXM tracks the mid-term index.
- Want a leveraged daily long position? UVXY seeks 1.5x the short-term index’s daily performance before fees and expenses, with compounding making multi-day results unpredictable from the daily multiple alone.
- Want inverse daily exposure? SVXY seeks -0.5x the short-term index’s daily performance before fees and expenses; a sharp rise in futures can work against it.
Before buying, consider the intended holding period, futures-roll effects, daily reset where applicable, fund expenses and brokerage trading costs. The ProShares Trust II prospectus says the funds generally are intended only for short-term investment horizons. It also warns that an investor could potentially lose the full principal within a single day. That is a risk disclosure, not a prediction that such a loss is likely.
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