According to a news release, the ProShares VIX Short-Term Futures (VIXY) and VIX Mid-Term Futures (VIXM) ETFs provide exposure to equity market volatility by seeking to match the performance of their respective VIX futures indexes, before fees and expenses. Both ETFs are listed on NYSE Arca.
“Until now, to access volatility, many investors have considered exchange traded notes (ETNs), which subject them to the credit risk of the note’s issuer,” said Michael L. Sapir, Chairman and CEO of ProShare Capital Management, the sponsor of the funds, in the news release.
VIXY is linked to the performance of the S&P 500 VIX Short-Term Futures Index, which targets a constant, weighted-average term of one month. VIXM is linked to the performance of the S&P 500 VIX Mid-Term Futures Index, which targets a constant, weighted-average term of five months.
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