Best VIX ETFs for Volatility Trading | Low-Cost VIX Funds

The Cboe Volatility Index — often called “Wall Street’s Fear Gauge” — was introduced in 1993 and overhauled in 2003 to measure the 30-day expected volatility of the S&P 500 using a broad range of SPX put and call option prices. Direct investment in the spot VIX is not possible. VIX ETFs instead gain exposure through VIX futures contracts, which began trading on the CBOE Futures Exchange in March 2004.

This distinction matters: none of these funds track the actual VIX spot level. They follow VIX futures indices, and their behavior depends heavily on which contracts are held and the shape of the futures term structure (contango vs. backwardation).

Short-term VIX ETFs hold front-month futures with a weighted average of roughly one month to expiration:

• VIXY — ProShares VIX Short-Term Futures ETF, structured as an ETF tracking the S&P 500 VIX Short-Term Futures Index
• VXX — iPath Series B S&P 500 VIX Short-Term Futures ETN (issued by Barclays), an ETN with credit risk implications
• UVXY — ProShares Ultra VIX Short-Term Futures ETF, applying 1.5x daily leverage to front-month VIX futures
• UVIX — Volatility Shares 2x Long VIX Futures ETF, seeking 2x daily exposure to the Long VIX Futures Index

Mid-term VIX ETFs spread exposure across four VIX futures expirations averaging five months to maturity, which structurally reduces the pace of decay compared to short-term products:

• VIXM — ProShares VIX Mid-Term Futures ETF, launched in January 2011, tracking the S&P 500 VIX Mid-Term Futures Index
• VXZ — iPath Series B S&P 500 VIX Mid-Term Futures ETN

Inverse volatility ETFs, such as SVXY, take the opposite side — they profit when VIX futures decline and lose value during volatility spikes. The structural difference between ETFs and ETNs is worth noting: ETFs hold actual futures positions, while ETNs are unsecured debt instruments carrying the issuer’s credit risk.

Beyond the standard 30-day VIX, Cboe also calculates sibling indices including VIX9D (9-day), VIX3M (3-month), VIX6M (6-month), and VIX1Y (1-year), as well as the VVIX — a measure of the expected volatility of the VIX itself. For broader market exposure beyond volatility products, see our complete ETF directory or the overview of inverse ETFs for hedging.

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The table below lists VIX ETFs and volatility index funds with live pricing, including short-term, mid-term, leveraged, and inverse products across different structures and maturities.