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VYLD Inverse VIX Short-Term Futures ETNs due March 22, 2045
Volatility exchange traded note: tracks the S&P 500 VIX Short-Term Futures Points-Change Inverse Daily Index TRJPMorganan exchange traded note holds no assets; it is the issuing bank’s unsecured debtFirst traded Mar 20, 2025SEC filings ↗Every JPMorgan fund ETFIQ covers
In the S&P 500’s down weeks over the year to Oct 9, 2026, VYLD fell 48% as much as the index.
+0.74
Correlation with the S&P 500
+0.58
Beta to the S&P 500
48.2%
Down-week capture
+15.2 pts
Against T-bills, 52 weeks
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Fell 48% as much as the S&P 500
VYLD in the 21 weeks SPY fell, year to Oct 9, 2026: SPY averaged −1.18%, VYLD −0.57%.
| Window | The fund | S&P 500 | Difference, percentage points |
|---|---|---|---|
| 3M Jul 10 – Oct 9, 2026 | +4.7% | +3.4% | +1.4 pts |
| 6M Apr 10 – Oct 9, 2026 | +13.6% | +15.2% | −1.6 pts |
| 1Y Oct 9, 2025 – Oct 9, 2026 | +16.0% | +17.3% | −1.3 pts |
| Since launch Mar 20, 2025 – Oct 9, 2026 | +24.7% | +40.4% | −15.7 pts |
Source: ETFIQ.
VYLD beside every inverse and short VIX futures fund · 1 month
Every inverse and short VIX futures fund ETFIQ covers, each against the VIX futures index its own filing names at its own daily multiple, rebuilt by ETFIQ from Cboe VIX futures settlements, and against spot VIX over the same two closes.
| Fund | Multiple | Returned | Its index, rebuilt | Difference | Spot VIX |
|---|---|---|---|---|---|
| SVXY | −0.5x | +2.2% | +1.9% | +0.2 pts | −2.0% |
| VYLD | −1x | +1.1% | +0.9% | +0.2 pts | −2.0% |
VYLD beside every inverse and short VIX futures fund · 3 months
| Fund | Multiple | Returned | Its index, rebuilt | Difference | Spot VIX |
|---|---|---|---|---|---|
| SVXY | −0.5x | +11.2% | +10.4% | +0.8 pts | −2.7% |
| VYLD | −1x | +5.0% | +4.2% | +0.7 pts | −2.7% |
VYLD beside every inverse and short VIX futures fund · 1 year
| Fund | Multiple | Returned | Its index, rebuilt | Difference | Spot VIX |
|---|---|---|---|---|---|
| SVXY | −0.5x | +26.4% | +22.2% | +4.2 pts | −5.5% |
| VYLD | −1x | +15.8% | +12.4% | +3.3 pts | −5.5% |
Inverse and short VIX futures funds, to Oct 8, 2026. Source: Tiingo end-of-day prices, Cboe VIX futures settlements and VIX index closes; ETFIQ calculation.
In plain words
IssuerJPMorgan
Strategy (ETFIQ, from its prospectus)Volatility
Expense rationot read by ETFIQ
Net assetsan exchange traded note holds no assets; it is the issuing bank’s unsecured debt
Issued byJPMorgan Chase Financial Company LLC
Structureexchange traded note
Index its own filing namesS&P 500 VIX Short-Term Futures Points-Change Inverse Daily Index TR
Volatility group (ETFIQ)Inverse and short VIX futures
Daily multiple it seeksone per cent for each point the short-term VIX futures fall, the points-change index its filing names
How its index is rebuiltfrom the points the weighted futures price moved each day, without the SOFR interest the total-return version of its index adds
VYLD against its index rebuilt by ETFIQ from Cboe VIX futures settlements, 1 month+1.1% against +0.9% at −1x, a difference of +0.2 pts, Sep 8, 2026 to Oct 8, 2026
VYLD against spot VIX, 1 month+1.1% against −2.0% for the VIX index (15.72 to 15.41), Sep 8, 2026 to Oct 8, 2026
VYLD against its index rebuilt by ETFIQ from Cboe VIX futures settlements, 3 months+5.0% against +4.2% at −1x, a difference of +0.7 pts, Jul 9, 2026 to Oct 8, 2026
VYLD against spot VIX, 3 months+5.0% against −2.7% for the VIX index (15.84 to 15.41), Jul 9, 2026 to Oct 8, 2026
VYLD against its index rebuilt by ETFIQ from Cboe VIX futures settlements, 1 year+15.8% against +12.4% at −1x, a difference of +3.3 pts, Oct 8, 2025 to Oct 8, 2026
VYLD against spot VIX, 1 year+15.8% against −5.5% for the VIX index (16.30 to 15.41), Oct 8, 2025 to Oct 8, 2026
Roll of the short-term VIX futures, 1 month−4.5%: the index rebuilt by ETFIQ from Cboe VIX futures settlements returned −4.7% while the constant-maturity futures price moved −0.3%, Sep 8, 2026 to Oct 8, 2026; in contango on 22 of 22 days
Roll of the short-term VIX futures, 3 months−19.4%: the index rebuilt by ETFIQ from Cboe VIX futures settlements returned −20.9% while the constant-maturity futures price moved −1.9%, Jul 9, 2026 to Oct 8, 2026; in contango on 64 of 64 days
Roll of the short-term VIX futures, 1 year−47.4%: the index rebuilt by ETFIQ from Cboe VIX futures settlements returned −49.6% while the constant-maturity futures price moved −4.1%, Oct 8, 2025 to Oct 8, 2026; in contango on 220 of 251 days
Front two VIX futures on Oct 8, 202617.62 and 18.01, a contango of 2.2%
Weeks measured52, from Oct 10, 2025 to Oct 9, 2026
Weeks the S&P 500 fell21
The S&P 500 in those weeks, on average−1.18%
VYLD in those weeks, on average−0.57%
VYLD total return over those weeks+18.8%
T-bills (BIL) over the same weeks+3.7%
First tradedMar 20, 2025
Days traded90
Quotedon an exchange, every trading day
How this is computed
Weekly closes from Tiingo with distributions reinvested, 52 weeks to the same date for the fund, SPY and BIL. ETFIQ calculation. How these figures are computed
Questions people ask about VYLD
- Does VYLD move with the S&P 500?
- Over the year to Oct 9, 2026, VYLD’s weekly returns had a correlation of +0.74 with the S&P 500’s, on a scale where 1 moves in step, 0 shows no pattern and −1 moves opposite. Its beta was +0.58, so for each 1% the index moved it moved about 0.58% the same way.
- What did VYLD do when stocks fell?
- The S&P 500 fell in 21 of the 52 weeks to Oct 9, 2026, by 1.18% on average. In those weeks VYLD fell 0.57% on average, a down-week capture of 48.2%.
- Did VYLD earn more than cash?
- Over the same 52 weeks VYLD returned +18.8% with distributions reinvested, and BIL, a fund of Treasury bills, returned +3.7%. VYLD finished 15.2 percentage points ahead of it.
- Why is VYLD listed as volatility?
- ETFIQ files each fund by what its own prospectus says it does, and VYLD’s describes a volatility fund.
- How closely did VYLD track its VIX futures index?
- Over the year from Oct 8, 2025 to Oct 8, 2026, VYLD returned +15.8%. The S&P 500 VIX Short-Term Futures Points-Change Inverse Daily Index TR, rebuilt by ETFIQ from Cboe VIX futures settlements and taken at −1x each day, returned +12.4%, a difference of +3.3 pts. Spot VIX moved −5.5%.
- What did rolling the VIX futures cost over the last year?
- Holding the short-term VIX futures returned −49.6% from Oct 8, 2025 to Oct 8, 2026, while the constant-maturity futures price moved −4.1%. The difference, −47.4%, is the roll: what selling the expiring month and buying the next cost. A fund short these futures collects it instead.
Sources and dates
Prices, VYLD and S&P 500Prices, Tiingo end of day ↗
Fee, not read by ETFIQ
Net assets, an exchange traded note holds no assets; it is the issuing bank’s unsecured debt
IssuerCboe VIX index history ↗
IssuerJPMorgan website ↗
All fund filingsFund filings on SEC EDGAR ↗
ETFIQ links to the documents behind every figure; a link is not an endorsement.
Cite this page
ETFIQ, VYLD, alternatives ETFs, data as of Oct 9, 2026. https://etfiq.com/funds/vyld
ETFIQ. (Oct 9, 2026). VYLD, alternatives ETFs. Retrieved from https://etfiq.com/funds/vyld
[VYLD, alternatives ETFs (ETFIQ, Oct 9, 2026)](https://etfiq.com/funds/vyld)
Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data.
Correlation
How closely the fund’s weekly returns moved with the S&P 500’s over the last year, from −1 to 1. At 1 the two rise and fall together, at 0 there is no pattern, and below 0 the fund tended to move the other way.
Beta
How far the fund moved, on average, for each 1% move in the S&P 500 over the same weeks. At 0.3 it moved about 0.3% the same way; below 0 it moved the other way.
Down week
A week in which the S&P 500 fell, measured through SPY with dividends reinvested. A week that ended exactly level is not a down week.
Down-week capture
The fund’s average return in the S&P 500’s down weeks as a share of the index’s own average in those weeks. At 100% it fell as much, at 50% half as much, and below zero it rose. It is weekly and covers one year, so it is not the same figure as Morningstar’s downside capture.
Against T-bills
The fund’s total return minus a short Treasury bill fund’s (BIL) over the same year, in percentage points. A fund can steady a portfolio and still earn less than cash.
VYLD, Alternatives ETFs, ETFIQ, data as of Oct 9, 2026. Every figure is calculated from a named public source; the method is at etfiq.com/methodology. ETFIQ is an independent publisher, is not a fund issuer, broker-dealer or investment adviser, and makes no recommendations.