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ProShares VIX Mid-Term Futures ETF (VIXM)

- NYSEARCA
  • Mon, Aug. 24, 9:08 AM
    • The VelocityShares 2X Daily VIX Short-Term ETN (NASDAQ:TVIX) is up 53% in premarket trading to follow-up on a 34% jump on Friday.
    • The underlying volatility index has doubled over the last three sessions and is likely to reach a multi-year high today.
    • Related ETFs: VXX, UVXY, XIV, VIXY, VXZ, VIXM, CVOL.
    | 19 Comments
  • Tue, Jun. 23, 10:03 AM
    | 21 Comments
  • Mon, May 18, 12:09 PM
    • The AccuShares Spot CBOE VIX ETF Up Class Shares (Pending:VXUP) and Down Class Shares (Pending:VXDN) will open for trade tomorrow. The provider notes the ETFs' transparent pricing and and product architecture provide predictable cost of ownership, eliminating the asset complexities and term structure associated with other exchange-traded offerings.
    • Source: Press Release
    • VIX ETPs: VXX, UVXY, TVIX, XIV, SVXY, VIXY, ZIV, VXZ, VIXM, CVOL, VIIX, XVZ, XXV, XVIX, TVIZ, IVOP, VIIZ
    | 7 Comments
  • Tue, Mar. 17, 1:33 PM
    • VIX ETN investors in the last month have shifted from a "meaningful" short position to the largest net long position since 2012, says JPMorgan. "This shift in positioning was broad based and reflects both large new investment in long VIX ETNs.”
    • The number of shares in the Path S&P 500 VIX Short-Term Futures ETN (NYSEARCA:VXX), the VelocityShares Daily 2x VIX Short-Term ETN (NASDAQ:TVIX), and ProShares VIX Short-Term Futures ETF (NYSEARCA:VIXY) has doubled over the past five weeks, writes Chris Dieterich. It's tripled in the ProShares Ultra VIX Short-Term Futures ETF (NYSEARCA:UVXY).
    • At the same time, money is exiting those funds which profit when volatility shrinks, such as the XIV, where shares have fallen by half over that same time frame.
    • ETFs: VXX, UVXY, TVIX, XIV, SVXY, VIXY, ZIV, VXZ, VIXM, CVOL, VIIX, XVZ, XXV, XVIX, TVIZ, IVOP, VIIZ
    | 11 Comments
  • Oct. 10, 2014, 7:32 AM
    • Three days of S&P 500 price swings exceeding 1.5% have sent the Volatility Index higher by 21% since October 6 to 18.8, a level not seen since February. It's got the technicians talking, and one says if this level of VIX resistance doesn't hold, the index is headed to 21, suggesting downside of another couple hundred S&P points (roughly 10%).
    • Ryan Detrick sees 1,905 as a key S&P level (vs.last night's 1,928 close) as that was the August level from which the index bounced. With the small caps already having broken through a number of key support lines, it would be nice to see the big caps hold.
    • The rise in volatility actually only seems troubling to those induced by the central bank-induced lull of the past few years. "Volatility coming back into the market is a direct correlation to the tapering ending," says one wise trader. "This is what it used to be like before the government was in the market.”
    • ETFs: VXX, UVXY, TVIX, XIV, SVXY, VIXY, ZIV, VXZ, VIXM, CVOL, VIIX, XVZ, XXV, XVIX, TVIZ, IVOP, VIIZ
    | 5 Comments
  • Jun. 27, 2014, 12:31 PM
    • "The S&P 500 VIX Short-Term Futures Index is a robust, transparent, and fair index," writes a S&P Dow Jones spokesman, responding to loud criticism of the VXX ETN from "father of the fear index" Robert Whaley.
    • "Unlike equity indices, VIX futures are not in the long-term expected to deliver positive returns. VIX futures are not guaranteed to go down either ... Contango is a natural feature of any futures market. Therefore he who would take a long position in VIX must occasionally bear the cost of contango."
    • ETFs: VXX, UVXY, TVIX, XIV, SVXY, VIXY, ZIV, VXZ, VIXM, CVOL, VIIX, XVZ, XXV, XVIX, TVIZ, IVOP, VIIZ
    | 9 Comments
  • Jun. 27, 2014, 11:33 AM
    • “I bought VXX as a play on volatility. But a week went by, two weeks, and the price went down," says Robert Whaley - known as the father of the "fear index" - who is very much not a fan of VIX Short-Term Futures ETN.
    • "Buying this is about the dumbest thing you could do," he says, after some prospectus digging revealed the product is more or less programmed to go to zero over time.
    • Whaley - recently signed on as a partner in AccuShares Investment Management - has his own product to sell as that firm has volatility ETFs in the works. The AccuShares Spot CBOE VIX Up Shares and VIX Down Shares are theoretically designed to do a better job tracking the CBOE Volatility Index, and could launch as soon as this summer.
    • ETFs: VXX, UVXY, TVIX, XIV, SVXY, VIXY, ZIV, VXZ, VIXM, CVOL, VIIX, XVZ, XXV, XVIX, TVIZ, IVOP, VIIZ
    • See also: S&P Dow Jones: Whaley mistaken in criticism of VXX
    | 20 Comments
  • Jun. 23, 2014, 1:09 PM
    • The CBOE - hoping to attract business from Europe and Asia, not to mention cater to U.S. traders operating in the middle of the night when a good deal of major news breaks - has now extended the trading hours of its highly profitable volatility futures to nearly 24 hours per day.
    • Trading will be continuous between Sunday at 6 PM ET until Friday at 4:15 PM, with the exception of a 15 minute break each day starting at 4:15.
    • Prior to the change, the market had been open from 3 AM on each day, and about 7.5% of contracts changed hands outside of regular U.S. hours.
    • ETFs: VXX, UVXY, TVIX, XIV, SVXY, VIXY, ZIV, VXZ, VIXM, CVOL, VIIX, XVZ, XXV, XVIX, TVIZ, IVOP, VIIZ
    | 2 Comments
  • May 28, 2014, 11:41 AM
    • Don't fear the lack of fear, options strategist Larry McMillan tells clients who may be worried about the VIX trading below 12 for about the first time since 2007. While this sort of complacency typically sets the stage for a short-term correction, focus on the bigger picture, says McMillan: Stocks can and have advanced as long as volatility remains trendless.
    • “These buyers of protection are hurting, having lost virtually all of the money that they’ve spent on protection in the last year and half, or more. Yet it seems as that as long as there is a heavy penchant for this protective put buying, the stock market will continue to rally."
    • ETFs: VXX, UVXY, TVIX, XIV, VIXY, SVXY, ZIV, VXZ, VIXM, CVOL, VIIX, XVZ, XVIX, XXV, TVIZ, IVOP, VIIZ
    | 2 Comments
  • May 21, 2014, 10:32 AM
    • Bets on a decline in the iPath S&P 500 VIX Short-Term Futures ETN (VXX -1%) have fallen to 25% of shares outstanding from a record 126% in February, according to Bloomberg. Shorting the VXX is a play on continued calm in the markets, and a bet (along with other short volatility moves) that earned plenty of coin in 2013.
    • The VIX jumped 4.4% yesterday as stocks struggled, but has closed below 15 for 24 consecutive sessions, the longest streak since about the time surrounding the start of 2014. It hasn't climbed above 18 since February even amid Russian tension and sizable selloffs in small caps and tech momentum names.
    • “The longer you go without a hurricane, the more likely it becomes for the next period,” says Mark Yusko, CIO at Morgan Creek Capital. “It’s usually around those times, when everybody is convinced nothing can happen, that something happens. Markets tend to move to extremes. Those alligator jaws don’t stay open forever. They eventually snap shut.”
    • ETFs: VXX, UVXY, TVIX, XIV, VIXY, SVXY, ZIV, VXZ, VIXM, CVOL, VIIX, XVZ, XVIX, XXV, TVIZ, IVOP, VIIZ
    | 9 Comments
  • May 2, 2014, 10:32 AM
    • "There ETFs could skew HARD (usually higher) away from NAV," warns Stifel's Dave Lutz. ProShares this morning has suspended the ability to buy new units in the following ETFs: UCD, CMD, BOIL, KOLD, GDAY, CROC, ULE, EUFX, YCL, SVXY, and VIXM, "pending the effectiveness of a post-effective amendment to the funds’ registration statement."
    • Brendan Conway notes any moves higher - should they occur - would likely be temporary, noting something similar happened in a VelocityShares product two years ago.
    | 4 Comments
  • Apr. 2, 2014, 4:24 PM
    • Selling volatility in 2012 and 2013 has funded many a vacation home, but one favorite - the VelocityShares Daily Inverse Short-Term Futures ETN (XIV) - is down 5% this year
    • "The absence of net sellers of VIX is remarkable," writes the team at SocGen, noting historically, hedge funds - with long equity positions elsewhere - "have a strong natural bias toward net selling the VIX." Given a market in contango, it pays even more to be short, yet they still aren't.
    • The risk of a spike in volatility thanks to geopolitical tensions with Russia may be having an influence, but alone don't explain the trend, says SocGen, which concludes the period of low volatility is coming to and end.
    • ETFs: VXX, UVXY, TVIX, XIV, VIXY, SVXY, ZIV, VXZ, VIXM, CVOL, VIIX, XVZ, VIXH, ACWV, XVIX, XXV, TVIZ, IVOP, VIIZ
    | 12 Comments
  • Mar. 18, 2014, 1:24 PM
    | 6 Comments
  • Mar. 3, 2014, 3:05 PM
    | 3 Comments
  • Jan. 24, 2014, 12:56 PM
    • Call option bets on the VIX this week soared to a record high 8.4M contracts at the CBOE. "A lot are buying in size," says Mike Palmer, who sits at the center of the VIX pit. With volatility so low, speculators "can get a lot of bang for their buck." About 81% of VIX options trading yesterday was in call options.
    • After a 7.2% jump Thursday, the VIX is up another 14% today, but - at 15.67 - still well below the 20-year average of 20.50.
    • VIX ETFs: VXX, UVXY, TVIX, XIV, VIXY, SVXY, ZIV, VXZ, VIXM, VQT, CVOL, VIIX, XVZ, VIXH, PHDG, ACWV, XVIX, XXV, TVIZ, IVOP, VIIZ
    | 3 Comments
  • Dec. 19, 2013, 11:26 AM
    • The PowerShares Senior Loan Portfolio (BKLN) was honored with the William F. Sharpe Award for ETF Product of the Year this morning.
    • Since opening in March 2011 and becoming the first floating-rate senior loan ETF, this Invesco (IVZ) fund has amassed over $6.2 billion in assets under management, making it easily the largest player in the space.
    • "BKLN was a groundbreaking listing for investors seeking to reduce duration in their bond holdings and has become a flagship ETF in this space" stated Gregory Stoeckle, President and Managing Director of Invesco Senior Secured Management, Inc, in a press release.
    • Also receiving honors this morning is the PowerShares S&P 500 Downside Hedged Portfolio (PHDG), which was named the ETF Innovation of the Year, along with its underlying index: the S&P 500 Dynamic VEQTOR Index.
    • Other senior loan ETFs: SRLN, SNLN, FTSL
    • Other VIX ETFs: VXX, UVXY, TVIX, XIV, VIXY, SVXY, VXZ, ZIV, VIXM, VQT, CVOL, XVZ, VIIX, VIXH, ACWV, XVIX, XXV, TVIZ, IVOP, VIIZ
    | 12 Comments
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VIXM Description
ProShares VIX Mid-Term Futures ETF seeks to provide investment results (before fees and expenses) that match the performance of the S&P 500 VIX Mid-Term Futures Index. The CBOE Volatility Index® (VIX) is a widely followed measure of the expected volatility of the S&P 500. Since the VIX is not directly investable, S&P 500 volatility exposure is often achieved through VIX futures. Each of the VIX futures indexes measures the movements of a combination of VIX futures and is designed to track changes in the expectation for VIX over a specific time window in the future. As a result, the S&P 500 VIX Mid-Term Futures Index and VIXM can be expected to perform differently than the VIX.
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