These funds use derivatives like VIX futures to either bet on or against volatility. Some are designed to spike when markets panic, while others benefit when volatility trends low. It’s crucial to read the fine print because VIX ETFs are known for unpredictable behavior over time, sharp drawdowns, and complicated tax treatment. Before investing, make sure you understand what you’re really holding.
Top VIX ETFs to consider
Here are five of the most notable ETFs for the VIX to consider in 2026, including how they work, what they cost, how to buy, and when they might be appropriate to use.
ProShares VIX Mid-Term Futures ETF (VIXM)
The ProShares VIX Mid-Term Futures ETF (VIXM -1.81%) offers a more tempered alternative to short-term volatility products like the ProShares VIX Short-Term Futures ETF (VIXY).
Instead of tracking front-month contracts, it follows the S&P 500 VIX Mid-Term Futures Index, which maintains exposure to VIX futures with a weighted average of five months to expiration. As of May 9, 2025, the ETF was holding a ladder of August, September, October, and November 2025 VIX contracts.
The trade-off is straightforward: this ProShares futures ETF is less sensitive to short-term volatility spikes, so it won’t surge as much when markets panic. However, it also suffers less from contango, since the longer-dated VIX futures it holds are typically flatter on the curve. That means slower decay over time, making this ProShares ETF a slightly better fit for medium-term tactical views on rising volatility.
Like its short-term sibling, this ETF charges a 0.85% expense ratio and issues a K-1 form, which can complicate tax reporting and often arrives close to the deadline. This futures ETF still isn’t a set-and-forget hedge but may suit investors looking for less whiplash than the ProShares VIX Short-Term Futures ETF.
Should you invest in VIX ETFs?
VIX ETFs are highly advanced, expensive products that often behave in ways counterintuitive to most retail investors. The biggest misunderstanding is that none of these ETFs track the actual spot VIX. They all follow some version of VIX futures, which are correlated to the spot VIX but can behave very differently depending on which contracts are tracked and the shape of the VIX futures curve.
These products are a niche where both the long and short sides come with the real risk of total wipeout. Go long too long, and contango, mean reversion, and high fees will slowly bleed your returns. Go short too long, and you may enjoy a winning streak until one bad volatility spike wipes out a big chunk of gains or more.
Either way, if you're using these ETFs, you need a clear system. That means knowing exactly when you'll buy and sell, monitoring positions daily, having risk controls in place, and understanding that many of these funds issue K-1 tax forms that will complicate filing. These are not buy-and-hold investments. They are tools for disciplined, tactical traders, not casual investors.
