ProShares VIX Short-Term Futures ETF

VIXY is the ProShares VIX Short-Term Futures ETF — it tracks the S&P 500 VIX Short-Term Futures Index, holding rolling positions in 1-month and 2-month VIX futures. TER is 0.85%. It does not hold spot VIX (you can't — VIX is an index, not a tradeable asset). Used for daily-cycle volatility hedging or short-term tactical bets on rising volatility.

Contango decay. VIX futures usually trade above spot VIX (the curve is in contango ~80% of the time). To maintain exposure VIXY continuously rolls expiring near-month futures into more expensive next-month futures, losing money on each roll. Over a year of flat VIX in contango, VIXY typically loses 30-70%. Multiple reverse splits since 2011 launch — a $100 position at launch is worth ~$2-5 today after splits. See our volatility-ETF risk explainer.

Yes. VIXY is available via Hatch, Stake, Sharesies (US market), and Interactive Brokers. Above NZ$50,000 cost basis FIF rules apply. Holding VIXY long-term means paying FDR floor (5% × MV × marginal rate) on a structural loser — among the worst tax-adjusted return profiles available to NZ retail investors.

Strictly intra-day or 1-2 day tactical positions during volatility-spike events (Fed announcements, geopolitical events, sovereign stress). Anyone holding VIXY for "permanent portfolio hedge" or "recession protection" is paying contango decay continuously while the protective payoff usually arrives too late or in too small a magnitude to offset the carry cost. ETFs.co.nz publishes VIXY reference data factually but does not recommend it for buy-and-hold use.