ETF Evaluator:
Inverse VIX S/T Futs ETNs due Mar22,2045 (VYLD)
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ETF Details
Inverse VIX S/T Futs ETNs due Mar22,2045 Overview
Inverse VIX S/T Futs ETNs due Mar22,2045 (VYLD) is a passively managed Miscellaneous Trading--Miscellaneous exchange-traded fund (ETF). JPMorgan launched the ETF in 2025.
The investment seeks to provide exposure to the daily returns of the S&P 500® VIX® Short-Term Futures Points-Change Inverse Daily Index.
The index tracks the daily “points-change” return from a rolling synthetic short position in the underlying futures contracts trading on the Cboe Futures Exchange. The notes are designed for investors who seek a positive return when the level of the index appreciates during their holding period.
About Inverse VIX S/T Futs ETNs due Mar22,2045 (VYLD)
There are 1 members of the management team with an average tenure of 1.36 years: No Manager (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: S&P 500 VIX ST Futures Inv Daily TR USD index with a weighting of 100%. Inverse VIX S/T Futs ETNs due Mar22,2045 has securities in its portfolio. The top 10 holdings constitute 0.0% 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.
Inverse VIX S/T Futs ETNs due Mar22,2045 is part of the Other global asset class and is within the Miscellaneous ETF group. Inverse VIX S/T Futs ETNs due Mar22,2045 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). Inverse VIX S/T Futs ETNs due Mar22,2045 has 0.0% of the portfolio in cash.
Assets Under Management
The fund has $4 million in total assets, which is below the $78 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.
VYLD 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 Inverse VIX S/T Futs ETNs due Mar22,2045 expense ratio is high compared to funds in the Trading--Miscellaneous category. Inverse VIX S/T Futs ETNs due Mar22,2045 has an expense ratio of 0.85%, which is 18% 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. Inverse VIX S/T Futs ETNs due Mar22,2045 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 July 2026, Inverse VIX S/T Futs ETNs due Mar22,2045 returned 1.0%, which earned it a grade of B, as the Trading--Miscellaneous category had an average return of 0.1%. 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.
Inverse VIX S/T Futs ETNs due Mar22,2045 has a trailing yield of 0.00%, which is below the 68.32% category average.
The fund normally distributes its income annually and its capital gains annually.
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.
Inverse VIX S/T Futs ETNs due Mar22,2045 Grades
Year to date, the ETF has returned 5.8%, 10.7 percentage points better than the category, which translates into a grade of B. The fund has returned 16.8% over the past year (grade of B).
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VYLD Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| VYLD Return (NAV) | 1.0% | 6.4% | 16.8% | na | na | na |
| VYLD Return (Price) | 2.0% | 7.1% | 16.8% | na | na | na |
| NAV +/- Price Return | -1.065% | -0.742% | 0.000% | na | na | na |
| Trading--Miscellaneous Avg | 0.1% | -8.5% | -7.5% | -8.9% | -10.7% | -11.3% |
| VYLD Grade (NAV) | B | A | B | na | na | na |
| +/- Category (NAV) | 0.9% | 14.9% | 24.4% | na | na | na |
| VYLD Tax-Cost Ratio | na | na | 0.0% | na | na | na |
VYLD Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| VYLD Return (NAV) | 5.8% | na | na | na | na | na | na | na | na | na | na |
| VYLD Return (Price) | 5.9% | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.016% | na | na | na | na | na | na | na | na | na | na |
| Trading--Miscellaneous Avg | -4.9% | -8.8% | -5.4% | -17.0% | -10.3% | -12.4% | 6.5% | -12.0% | 5.8% | -4.1% | -10.4% |
| VYLD Grade (NAV) | B | na | na | na | na | na | na | na | na | na | na |
| +/- Category | 10.7% | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 0.0% |
| Total Assets: | $ 5 Mil |
| Share Class Assets: | $ 5 Mil |
| Turnover: | na |
| Expense Ratio: | 0.85% |
| Index Fund: | Yes |
| Index Tracked: | S&P 500 VIX ST Futures Inv Daily TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 1.4 years | |||
| Average Tenure: 1.4 years | |||
| Managers (Year): Manager No (2025) | |||
Portfolio Composition (as of )
| # of Holdings: | |
| % in Top 10 Holdings: | 0.0% |
| 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: | 0.0% |
| Cash: | 0.0% |
Purchase Information
| Legal Structure: | Uncollateralized Debt Instrument |
| Fund Family: | JPMorgan |
| Phone Number: | 800-576-3529 |
| Website: | www.jpmorganchase.com |
| Inception Date: | March 19, 2025 |
Expenses and Fees
| Expense Ratio (%): | 0.85% (Rating: High) |
| Category Average Expense Ratio (%): | 1.04% |
