ProShares Trust VIX Mid-Term Futures ETF(AMEX:VIXM)

VIXM provides generic midterm VIX futures exposure in an ETF rather than an ETN. VIX futures allow investors to invest based on their view of the forward implied market volatility of the S&P 500. VIXM and other midterm ETPs provides exposure to VIX futures with average 5-month maturity. As a volatility ETP investor, it is important to note these two caveats: 1) Volatility ETPs deliver poor long-term exposure to the VIX index, and 2) Volatility ETPs have a history of erasing vast sums of investor capital over holdings periods. Investors should be aware of their expected position decay due to persistent contango in VIX futures, historically. As an ETF, the fund is structured as a commodity pool and thus avoids counterparty risk, but delivers K-1s at tax time.