At a glance
VIXY charges 0.85% a year, above the 0.76% average of the 3 funds most like it (the 2nd cheapest of 4). It has $198.6M in assets, the largest of that group. Over the past year it returned −44.2% with distributions reinvested (S&P 500: +11.5%), the weakest of those 4 funds; over three years it returned −45.6% a year. At its worst it fell 43.8% in the 2022 bear market (S&P 500: 24.5%), and is still below its earlier high.
The short version
ProShares VIX Short-Term Futures ETF (VIXY) tracks the S&P 500 VIX Short-Term Futures Index by holding futures contracts tied to expected stock market volatility. It is a commodity pool taxed as a partnership, not a typical ETF. It has tended to jump when stocks fall sharply, but rolling its futures has caused steep long-run losses: it fell 95% over the five years to October 27, 2026. It charges 0.85% a year.
Price history
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VIXY -44.2% 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 | |
|---|---|---|---|---|---|---|
| VIXY price data to Oct 27, 2026 | -32.2% | -44.2% | -45.6% | -45.4% | — | -52.8% |
- Over the year to Oct 27, 2026, VIXY returned -44.2%, 4th of 4 among similar funds.
- Its 5-year annualized return was -45.4%.
- Its worst full calendar year was 2023 (-72.7%); its best was 2022 (-25.0%).
- The deepest fall in its price history was 99.4% (Jun 11, 2020 to Oct 13, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -32.2% |
| 2025 | -43.0% |
| 2024 | -27.4% |
| 2023 | -72.7% |
| 2022 | -25.0% |
| 2021 | -72.4% |
| 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 19.6% over that stretch · deepest drop along the way 43.8%, 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 $198.6M 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
VIXY aims to match the S&P 500 VIX Short-Term Futures Index before fees, both for a single day and over longer periods. It is not leveraged or inverse. The VIX is a Cboe index that measures how much movement options traders expect in the S&P 500 over the next month. Nobody can buy the VIX directly, so the fund holds VIX futures contracts, backed by cash and Treasury bills.
Futures expire, so the fund keeps selling contracts that are about to expire and buying later ones. This is called rolling. When later contracts cost more than expiring ones, which is common in calm markets, each roll loses some value. Over time, that drag can pull the fund far below the VIX itself. ProShares did a 1-for-5 reverse split in June 2023 and a 1-for-4 reverse split in November 2024 to raise the share price. Neither split changed the value of anyone's investment.
The fund is a commodity pool. Its sponsor is ProShare Capital Management LLC and its trustee is Wilmington Trust Company. It is not registered under the Investment Company Act of 1940, so it lacks some protections that regular funds have. It is taxed as a partnership, so holders get a Schedule K-1 and owe tax on their share of its gains each year. Large firms create and redeem shares in blocks of 25,000.
What it really costs
- VIXY charges 0.85% a year, versus an average of 0.76% 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
Rolling its short-dated VIX futures has led to a loss in every full calendar year since its price history begins in mid-2020.
VIXY has tended to move hard against the stock market, with a one-year beta of -3.4 as of October 27, 2026. Beta measures how much a fund moves when the market moves. In the 2022 bear market it gained 19.6%. Even so, it fell 43.8% between March and August 2022 and finished the year down 25%. Every full year from 2021 to 2025 was a loss, and the worst was 2023 at -72.7%. From June 11, 2020 to October 13, 2026 it fell 99.4% and has not recovered. Its price history misses the 2008 and early-2020 crashes. Gains in a sell-off can fade before a retiree needs to sell. It pays no distributions and costs 0.85% a year. Past results don't predict the future, and a plan has to look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders who want a short-term hedge against a sudden spike in stock market volatility and are willing to watch the position closely.
- Experienced investors who understand VIX futures and roll costs, and who accept a fund that fell 99.4% from June 2020 to October 2026.
- Traders who accept a commodity pool's Schedule K-1 and a 0.85% yearly fee in exchange for direct short-term VIX futures exposure.
Look elsewhere if
- Buy-and-hold and retirement investors: VIXY lost money in every calendar year from 2021 through 2025, including -72.7% in 2023.
- Investors who want income or a simple 1099: VIXY has recorded no distributions and issues a Schedule K-1 because it is taxed as a partnership.
- Those wanting milder volatility exposure may compare ProShares VIX Mid-Term Futures ETF (VIXM), down 15.9% over one year versus VIXY's 44.2%, as of October 27, 2026.
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 VIXY a good long-term investment?
Its record suggests it is poorly suited to long holding periods. As of October 27, 2026, VIXY lost an annualized 45.4% over five years, a 95% total decline. Its price fell 99.4% from June 11, 2020 to October 13, 2026 and has not recovered. The main cause is the cost of rolling VIX futures: when later contracts cost more than expiring ones, each roll eats away at value. It has tended to gain in sharp sell-offs, but those gains have faded.
Does VIXY pay dividends?
No. VIXY has recorded no distributions. It holds VIX futures plus cash and Treasury bills, so any gains or losses show up in the share price rather than as payouts. Because it is a commodity pool taxed as a partnership, holders may still owe tax each year on their share of the fund's gains. That tax is reported on a Schedule K-1 and can be due even if they never sell and receive no cash.
What's the difference between VIXY and VIXM?
Both are ProShares commodity pools that hold VIX futures. VIXY tracks the S&P 500 VIX Short-Term Futures Index, and VIXM tracks the S&P 500 VIX Mid-Term Futures Index, which uses contracts further from expiration. As of October 27, 2026, VIXY returned -44.2% over one year, compared with -15.9% for VIXM. Over three years, VIXY's annualized return was -45.6% and VIXM's was -15.4%. VIXY's expense ratio is 0.85%, and VIXM's is 1.10%.
Why does VIXY keep doing reverse splits?
Because its share price keeps falling. VIXY did a 1-for-5 reverse split effective June 23, 2023, and a 1-for-4 reverse split effective November 7, 2024. Each split raised the price per share and cut the number of shares by the same proportion, so no one's investment changed in value. The decline behind the splits shows in its calendar-year results, which were losses every year from 2021 through 2025, including -72.7% in 2023.
Does VIXY issue a K-1 instead of a 1099?
Yes. VIXY is a commodity pool taxed as a partnership, so investors receive a Schedule K-1 rather than a 1099. Holders owe tax on their share of the fund's gains each year, even if they don't sell. The fund is also not registered under the Investment Company Act of 1940, so it lacks some protections that regular ETFs and mutual funds offer. Its sponsor and commodity pool operator is ProShare Capital Management LLC.