At a glance
VIXM charges 0.85% a year, above the 0.71% average of the 3 funds most like it (the 2nd cheapest of 4). It has $40.3M in assets, the 3rd largest of that group. Over the past year it returned −15.9% with distributions reinvested (S&P 500: +11.5%), 3rd of those 4 funds; over three years it returned −15.4% a year. At its worst it fell 14.5% in the 2022 bear market (S&P 500: 24.5%), and is still below its earlier high.
The short version
ProShares VIX Mid-Term Futures ETF (VIXM) holds futures contracts on the Cboe Volatility Index (VIX) to match the S&P 500 VIX Mid-Term Futures Index, and is a commodity pool taxed as a partnership. It has tended to rise when stocks fall sharply, but it lost 56% over the five years to October 27, 2026. Its 0.85% expense ratio is slightly below the 0.89% charged by iPath's VXZ, which tracks the same index.
Price history
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VIXM -15.9% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| VIXM price data to Oct 27, 2026 | -13.1% | -15.9% | -15.4% | -15.3% | — | -15.6% |
- Over the year to Oct 27, 2026, VIXM returned -15.9%, 3rd of 4 among similar funds.
- Its 5-year annualized return was -15.3%.
- Its worst full calendar year was 2023 (-44.8%); its best was 2025 (+5.6%).
- The deepest fall in its price history was 70.7% (Jun 26, 2020 to Oct 6, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -13.1% |
| 2025 | +5.6% |
| 2024 | -13.7% |
| 2023 | -44.8% |
| 2022 | -0.7% |
| 2021 | -16.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 20.5% over that stretch · deepest drop along the way 14.5%, not recovered by the end of the data |
What's inside
The fund holds futures contracts and the cash and Treasury bills backing them, not the commodity itself; its net assets were $40.3M as of Jun 30, 2026 (per its 10-Q). As a commodity pool it files 10-Q and 10-K reports instead of N-PORT holdings reports, so there is no holdings list.
How it works
VIXM aims to match the S&P 500 VIX Mid-Term Futures Index, before fees and expenses, both for a single day and over time. It uses no leverage and does not bet against the index, unlike several of its siblings in ProShares Trust II. The VIX is a gauge of how much movement traders expect in the S&P 500, based on option prices. Nobody can buy the VIX directly, so the fund holds VIX futures contracts, backed by cash and Treasury bills.
Futures contracts expire, so the fund keeps selling contracts that are close to expiring and buying later ones. This is called rolling. In calm markets, later contracts usually cost more than nearer ones, so each roll loses a little value. That is the main reason the fund can lose ground over long periods even when the VIX itself stays roughly flat. Mid-term futures tend to move less than short-term ones. Over the year to October 27, 2026, VIXM lost 15.9%, while VIXY, which tracks the short-term index, lost 44.2%.
VIXM is a commodity pool, not a fund registered under the Investment Company Act of 1940, so it lacks some of the investor protections those funds have. ProShare Capital Management LLC sponsors it and runs it as a commodity pool operator registered with the CFTC. It is taxed as a partnership, which means holders get a Schedule K-1 and may owe tax on their share of its gains even if they don't sell. The shares trade on Cboe BZX.
What it really costs
- VIXM charges 0.85% a year, versus an average of 0.71% for the similar funds below (2nd of 4, cheapest first).
Structure and tax notes
- A commodity pool: it holds futures contracts (and the cash and Treasury bills backing them), not the commodity itself, and it is not a 1940 Act investment company, so it lacks some fund-specific investor protections. It is taxed as a partnership: investors get a Schedule K-1 rather than a 1099 and owe tax on their share of its gains each year, even without selling. Expiring contracts must be rolled into later ones, and the price gap between them adds to or takes from returns, so over time it can drift well away from the spot price of what it tracks. Besides the sponsor's fee, it pays brokerage commissions and other costs.
In a retirement portfolio
VIXM can rise in a stock-market shock, but rolling its VIX futures has drained value in most years, so long holding periods have been costly.
VIXM's appeal is that it often rises when stocks slide. In the 2022 bear market, from the market's January 3 peak to its October 12 low, it gained 20.5%. Holding it for longer has been costly. It fell 44.8% in 2023 and lost money in four of the five full calendar years from 2021 to 2025. Its deepest drop was 70.7%, from June 26, 2020 to October 6, 2026, and it had not recovered as of October 27, 2026. Price history starts June 2, 2020, so the 2008 crisis and the 2020 crash are not covered. A retiree who has to sell in a calm stretch would likely sell at a loss. The fund pays no distributions, charges 0.85% a year and issues a K-1. Past results don't predict the future, and any plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Experienced investors who want a short-term hedge against a stock-market shock and accept that VIX futures lost value in most years since 2021.
- Traders who prefer slower-moving mid-term VIX futures: VIXM lost 15.9% over one year to October 27, 2026, versus 44.2% for VIXY.
- Investors who would rather hold futures through a fund than through an ETN like VXZ, which depends on its issuer's ability to pay.
Look elsewhere if
- Buy-and-hold investors: VIXM lost 56% over five years to October 27, 2026, and had not recovered from a 70.7% drop that began in June 2020.
- Anyone seeking income, since the fund has recorded no distributions.
- Investors who want simple taxes: as a commodity pool taxed as a partnership, VIXM issues a Schedule K-1 rather than a 1099.
Close alternatives
Matched by legacy category (no holdings report for this fund).
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.Questions investors ask
Is VIXM a good long-term investment?
Its record makes it a poor fit for long holding periods. As of October 27, 2026, VIXM had lost 15.3% a year over five years, or 56% in total, and it fell 44.8% in 2023 alone. The main drag is the cost of rolling VIX futures. In calm markets, later contracts usually cost more than expiring ones, so each roll loses a little. It is designed for stretches of market stress, not for holding for decades.
What's the difference between VIXM and VIXY?
VIXY follows the S&P 500 VIX Short-Term Futures Index, while VIXM follows the mid-term version. Both are ProShares commodity pools that aim to match their index without leverage. VIXY's shorter-dated futures react more to swings in the VIX, but they have also lost more. Over one year to October 27, 2026, VIXY lost 44.2% and VIXM lost 15.9%. VIXY charges 0.95% a year and VIXM charges 0.85%.
VIXM vs VXZ: which mid-term VIX fund is cheaper?
VIXM is slightly cheaper, at 0.85% a year versus 0.89% for VXZ. Both follow the S&P 500 VIX Mid-Term Futures Index, and their results have been close. Over one year to October 27, 2026, VXZ lost 15.6% and VIXM lost 15.9%. The bigger difference is structure. VXZ is an exchange-traded note (ETN), a debt security that depends on its issuer's ability to pay. VIXM holds VIX futures directly and issues a Schedule K-1 for taxes.
Does VIXM pay dividends?
No. VIXM has recorded no distributions, so it provides no income. Its returns come only from changes in the value of the VIX futures it holds. Because it is a commodity pool taxed as a partnership, holders get a Schedule K-1 instead of a 1099. They may owe tax on their share of the fund's gains each year even if they don't sell any shares.
Does VIXM go up when the stock market crashes?
It has tended to. Over the year to October 27, 2026, its beta was -0.91, meaning it usually moved in the opposite direction from stocks. During the 2022 bear market it gained 20.5%. But it tracks VIX futures, not the VIX itself, so it usually moves less than the VIX, and its gains can fade as fear eases. Even within 2022, it fell 14.5% from June 13 to August 15.