FAQs

About the S&P 500 VIX Short-Term and Mid-Term Futures Indexes and the VIX

  1. How do the VIX Short-Term and Mid-Term Futures Indexes’ expectations for volatility differ from the VIX?
  2. How closely do the VIX Short-Term and Mid-Term Futures Indexes move with the VIX?
  3. Are the VIX Short-Term and Mid-Term Futures Indexes as volatile as the VIX?
  4. How does the futures rolling process affect the VIX Short-Term and Mid-Term Futures Indexes?

  • How do the VIX Short-Term and Mid-Term Futures Indexes’ expectations for volatility differ from the VIX?

    The VIX futures indexes reflect expectations for the VIX in one month (short-term) or five months (mid-term), while the VIX reflects expectations for the volatility of the S&P 500 over the next 30 days.

  • How closely do the VIX Short-Term and Mid-Term Futures Indexes move with the VIX?

    While the S&P 500 VIX Short-Term and Mid-Term Futures Indexes have tended to move in the same direction as the VIX, they have tended to move in smaller increments, as indicated by the index betas to the VIX. This trend may or may not continue.

  • Are the VIX Short-Term and Mid-Term Futures Indexes as volatile as the VIX?

    The S&P 500 VIX Short-Term and Mid-Term Futures Indexes have historically been less volatile than the VIX but significantly more volatile than the S&P 500. This trend may or may not continue.

  • How does the futures rolling process affect the VIX Short-Term and Mid-Term Futures Indexes?

    The futures rolling process employed by the S&P 500 VIX Short-Term and Mid-Term Futures Indexes can negatively impact their daily returns when the VIX futures market is in contango and positively impact their daily returns when the VIX futures market is in backwardation.

"Standard & Poor's,®" "S&P,®" "S&P 500,®" "Standard & Poor's 500,®" "S&P 500® VIX® Short-Term Futures IndexTM" and "S&P 500® VIX® Mid-Term Futures IndexTM" are products of S&P Dow Jones Indices LLC and its affiliates and have been licensed for use by ProShares. "S&P®" is a registered trademark of Standard & Poor's Financial Services LLC ("S&P") and "Dow Jones®" is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones") and have been licensed for use by S&P Dow Jones Indices LLC and its affiliates. "VIX®" is a trademark of the Chicago Board Options Exchange, Incorporated ("Cboe") and has been licensed for use by S&P Dow Jones Indices LLC. ProShares have not been passed on by S&P Dow Jones Indices, Cboe or their respective affiliates as to their legality or suitability. ProShares are not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices, Cboe or their respective affiliates, and they make no representation regarding the advisability of investing in ProShares. THESE ENTITIES AND THEIR AFFILIATES MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO PROSHARES.

FAQS FOR VOLATILITY INDEXES

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