ETF Evaluator:
ProShares VIX Mid-Term Futures (VIXM)
Follow This ETF
(as of Jul 31)
Best Performing in Trading--Miscellaneous Over the Last Year
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| 37.1% | ProShares UltraShort Yen (YCS) |
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Risk
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ETF Details
ProShares VIX Mid-Term Futures Overview
ProShares VIX Mid-Term Futures (VIXM) is a passively managed Miscellaneous Trading--Miscellaneous exchange-traded fund (ETF). ProShares launched the ETF in 2011.
The investment seeks investment results, before fees and expenses, that match the performance of the S&P 500® VIX Mid-Term Futures Index.
The fund seeks to meet its investment objective, by taking long positions in VIX futures contracts. It will also hold cash or cash equivalents such as U.S. Treasury securities or other high credit quality, short-term fixed-income or similar securities (such as shares of money market funds) as collateral for Financial Instruments and pending investment in Financial Instruments.
About ProShares VIX Mid-Term Futures (VIXM)
There are 1 members of the management team with an average tenure of 15.50 years: Management Team (2011). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: S&P 500 VIX Mid Term Futures TR USD index with a weighting of 100%. ProShares VIX Mid-Term Futures has 8 securities in its portfolio. The top 10 holdings constitute 29.6% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
ProShares VIX Mid-Term Futures is part of the Other global asset class and is within the Miscellaneous ETF group. ProShares VIX Mid-Term Futures has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). ProShares VIX Mid-Term Futures has 52.2% of the portfolio in cash.
Assets Under Management
The fund has $40 million in total assets, which is below the $79 million average for the Trading--Miscellaneous category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
VIXM Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The ProShares VIX Mid-Term Futures expense ratio is high compared to funds in the Trading--Miscellaneous category. ProShares VIX Mid-Term Futures has an expense ratio of 0.92%, which is 10% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. ProShares VIX Mid-Term Futures has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 46% for the Trading--Miscellaneous category.
Recently, in the month of June 2026, ProShares VIX Mid-Term Futures returned -6.3%, which earned it a grade of C, as the Trading--Miscellaneous category had an average return of -10.1%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
ProShares VIX Mid-Term Futures has a trailing yield of 0.00%, which is below the 76.91% category average.
The fund normally distributes its income none.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
ProShares VIX Mid-Term Futures Grades
Year to date, the ETF has returned -6.0%, 6.5 percentage points worse than the category, which translates into a grade of C. The fund has returned -14.4% over the past year (grade of D), -11.2% over the past three years (grade of D) and -14.0% per year over the past five years (grade of D) and -12.1% per year over the past 10 years (grade of D).
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VIXM Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| VIXM Return (NAV) | -6.3% | -16.8% | -14.4% | -11.2% | -14.0% | -12.1% |
| VIXM Return (Price) | -6.6% | -16.3% | -14.4% | -11.2% | -14.0% | -12.2% |
| NAV +/- Price Return | 0.234% | -0.445% | 0.016% | -0.063% | -0.009% | 0.080% |
| Trading--Miscellaneous Avg | -10.1% | 5.8% | -11.7% | -8.9% | -10.6% | -11.4% |
| VIXM Grade (NAV) | C | D | D | D | D | D |
| +/- Category (NAV) | 3.8% | -22.5% | -2.7% | -2.3% | -3.5% | -0.7% |
| VIXM Tax-Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
VIXM Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| VIXM Return (NAV) | -6.0% | 5.0% | -13.3% | -45.0% | -0.7% | -16.6% | 72.7% | -20.2% | 25.2% | -49.5% | -21.9% |
| VIXM Return (Price) | -6.0% | 5.6% | -13.7% | -44.8% | -0.7% | -16.7% | 72.4% | -20.4% | 26.4% | -50.0% | -21.6% |
| NAV +/- Price Ret | 0.005% | 0.110% | 0.027% | -0.003% | 0.036% | 0.004% | -0.005% | 0.9% | 5.0% | 1.2% | -1.5% |
| Trading--Miscellaneous Avg | 0.5% | -8.8% | -5.4% | -17.0% | -10.3% | -12.4% | 6.5% | -12.0% | 5.8% | -4.1% | -10.4% |
| VIXM Grade (NAV) | C | C | D | D | B | D | A | D | B | F | F |
| +/- Category | -6.5% | 13.8% | -7.9% | -28.0% | 9.7% | -4.2% | 66.2% | -8.2% | 19.4% | -45.4% | -11.5% |
| Risk Measures | |
| Beta: | 33.64 |
| R-Squared: | 3% |
| Standard Deviation: | 19.9% |
| Category Risk Index: | 0.83 |
| Category Risk Rating: | Average |
| Total Risk Index: | 1.64 |
| Total Risk Rating: | Above Average |
| Portfolio Characteristics | |
| Yield: | 0.0% |
| Total Assets: | $ 40 Mil |
| Share Class Assets: | $ 40 Mil |
| Turnover: | na |
| Expense Ratio: | 0.92% |
| Index Fund: | Yes |
| Index Tracked: | S&P 500 VIX Mid Term Futures TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | None |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 15.5 years | |||
| Average Tenure: 15.5 years | |||
| Managers (Year): Team Management (2011) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 8 |
| % in Top 10 Holdings: | 29.6% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 47.8% |
| Cash: | 52.2% |
Purchase Information
| Legal Structure: | Partnership (3C1) |
| Fund Family: | ProShares |
| Phone Number: | 240-497-6400 |
| Website: | www.proshares.com |
| Inception Date: | January 3, 2011 |
Expenses and Fees
| Expense Ratio (%): | 0.92% (Rating: High) |
| Category Average Expense Ratio (%): | 1.03% |
