{
 "ticker": "VYLD",
 "name": "Inverse VIX Short-Term Futures ETNs due March 22, 2045",
 "issuer": "JPMorgan",
 "desk": "alternatives",
 "url": "https://etfiq.com/funds/vyld",
 "html": "https://etfiq.com/funds/vyld",
 "markdown": "https://etfiq.com/funds/vyld.md",
 "as_of": "2026-10-09",
 "verdict": "In the S&P 500\u2019s down weeks over the year to Oct 9, 2026, VYLD fell 48% as much as the index.",
 "key_facts": [
  {
   "key": "correlation_with_the_s_p_500",
   "label": "Correlation with the S&P 500",
   "value": "+0.74",
   "source": null,
   "as_of": "2026-10-09",
   "sentence": "VYLD, correlation with the S&P 500: +0.74, as of Oct 9, 2026."
  },
  {
   "key": "beta_to_the_s_p_500",
   "label": "Beta to the S&P 500",
   "value": "+0.58",
   "source": null,
   "as_of": "2026-10-09",
   "sentence": "VYLD, beta to the S&P 500: +0.58, as of Oct 9, 2026."
  },
  {
   "key": "down_week_capture",
   "label": "Down-week capture",
   "value": "48.2%",
   "source": null,
   "as_of": "2026-10-09",
   "sentence": "VYLD, down-week capture: 48.2%, as of Oct 9, 2026."
  },
  {
   "key": "against_t_bills_52_weeks",
   "label": "Against T-bills, 52 weeks",
   "value": "+15.2 pts",
   "source": null,
   "as_of": "2026-10-09",
   "sentence": "VYLD, against T-bills, 52 weeks: +15.2 pts, as of Oct 9, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "an exchange traded note holds no assets; it is the issuing bank\u2019s unsecured debt",
   "source": null,
   "as_of": "2026-10-09",
   "sentence": "VYLD, net assets: an exchange traded note holds no assets; it is the issuing bank\u2019s unsecured debt, as of Oct 9, 2026."
  },
  {
   "key": "strategy",
   "label": "Strategy",
   "value": "Volatility",
   "source": "ETFIQ, from its prospectus",
   "as_of": "2026-10-09",
   "sentence": "VYLD, strategy: Volatility (ETFIQ, from its prospectus)."
  }
 ],
 "fields": [
  {
   "key": "issuer",
   "label": "Issuer",
   "value": "JPMorgan",
   "source": null
  },
  {
   "key": "strategy",
   "label": "Strategy",
   "value": "Volatility",
   "source": "ETFIQ, from its prospectus"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "not read by ETFIQ",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "an exchange traded note holds no assets; it is the issuing bank\u2019s unsecured debt",
   "source": null
  },
  {
   "key": "issued_by",
   "label": "Issued by",
   "value": "JPMorgan Chase Financial Company LLC",
   "source": null
  },
  {
   "key": "structure",
   "label": "Structure",
   "value": "exchange traded note",
   "source": null
  },
  {
   "key": "index_its_own_filing_names",
   "label": "Index its own filing names",
   "value": "S&P 500 VIX Short-Term Futures Points-Change Inverse Daily Index TR",
   "source": null
  },
  {
   "key": "volatility_group",
   "label": "Volatility group",
   "value": "Inverse and short VIX futures",
   "source": "ETFIQ"
  },
  {
   "key": "daily_multiple_it_seeks",
   "label": "Daily multiple it seeks",
   "value": "one per cent for each point the short-term VIX futures fall, the points-change index its filing names",
   "source": null
  },
  {
   "key": "how_its_index_is_rebuilt",
   "label": "How its index is rebuilt",
   "value": "from the points the weighted futures price moved each day, without the SOFR interest the total-return version of its index adds",
   "source": null
  },
  {
   "key": "vyld_against_its_index_rebuilt_by_etfiq_from_cboe_vix_futures_settlements_1_month",
   "label": "VYLD against its index rebuilt by ETFIQ from Cboe VIX futures settlements, 1 month",
   "value": "+1.1% against +0.9% at \u22121x, a difference of +0.2 pts, Sep 8, 2026 to Oct 8, 2026",
   "source": null
  },
  {
   "key": "vyld_against_spot_vix_1_month",
   "label": "VYLD against spot VIX, 1 month",
   "value": "+1.1% against \u22122.0% for the VIX index (15.72 to 15.41), Sep 8, 2026 to Oct 8, 2026",
   "source": null
  },
  {
   "key": "vyld_against_its_index_rebuilt_by_etfiq_from_cboe_vix_futures_settlements_3_months",
   "label": "VYLD against its index rebuilt by ETFIQ from Cboe VIX futures settlements, 3 months",
   "value": "+5.0% against +4.2% at \u22121x, a difference of +0.7 pts, Jul 9, 2026 to Oct 8, 2026",
   "source": null
  },
  {
   "key": "vyld_against_spot_vix_3_months",
   "label": "VYLD against spot VIX, 3 months",
   "value": "+5.0% against \u22122.7% for the VIX index (15.84 to 15.41), Jul 9, 2026 to Oct 8, 2026",
   "source": null
  },
  {
   "key": "vyld_against_its_index_rebuilt_by_etfiq_from_cboe_vix_futures_settlements_1_year",
   "label": "VYLD against its index rebuilt by ETFIQ from Cboe VIX futures settlements, 1 year",
   "value": "+15.8% against +12.4% at \u22121x, a difference of +3.3 pts, Oct 8, 2025 to Oct 8, 2026",
   "source": null
  },
  {
   "key": "vyld_against_spot_vix_1_year",
   "label": "VYLD against spot VIX, 1 year",
   "value": "+15.8% against \u22125.5% for the VIX index (16.30 to 15.41), Oct 8, 2025 to Oct 8, 2026",
   "source": null
  },
  {
   "key": "roll_of_the_short_term_vix_futures_1_month",
   "label": "Roll of the short-term VIX futures, 1 month",
   "value": "\u22124.5%: the index rebuilt by ETFIQ from Cboe VIX futures settlements returned \u22124.7% while the constant-maturity futures price moved \u22120.3%, Sep 8, 2026 to Oct 8, 2026; in contango on 22 of 22 days",
   "source": null
  },
  {
   "key": "roll_of_the_short_term_vix_futures_3_months",
   "label": "Roll of the short-term VIX futures, 3 months",
   "value": "\u221219.4%: the index rebuilt by ETFIQ from Cboe VIX futures settlements returned \u221220.9% while the constant-maturity futures price moved \u22121.9%, Jul 9, 2026 to Oct 8, 2026; in contango on 64 of 64 days",
   "source": null
  },
  {
   "key": "roll_of_the_short_term_vix_futures_1_year",
   "label": "Roll of the short-term VIX futures, 1 year",
   "value": "\u221247.4%: the index rebuilt by ETFIQ from Cboe VIX futures settlements returned \u221249.6% while the constant-maturity futures price moved \u22124.1%, Oct 8, 2025 to Oct 8, 2026; in contango on 220 of 251 days",
   "source": null
  },
  {
   "key": "front_two_vix_futures_on_oct_8_2026",
   "label": "Front two VIX futures on Oct 8, 2026",
   "value": "17.62 and 18.01, a contango of 2.2%",
   "source": null
  },
  {
   "key": "weeks_measured",
   "label": "Weeks measured",
   "value": "52, from Oct 10, 2025 to Oct 9, 2026",
   "source": null
  },
  {
   "key": "weeks_the_s_p_500_fell",
   "label": "Weeks the S&P 500 fell",
   "value": "21",
   "source": null
  },
  {
   "key": "the_s_p_500_in_those_weeks_on_average",
   "label": "The S&P 500 in those weeks, on average",
   "value": "\u22121.18%",
   "source": null
  },
  {
   "key": "vyld_in_those_weeks_on_average",
   "label": "VYLD in those weeks, on average",
   "value": "\u22120.57%",
   "source": null
  },
  {
   "key": "vyld_total_return_over_those_weeks",
   "label": "VYLD total return over those weeks",
   "value": "+18.8%",
   "source": null
  },
  {
   "key": "t_bills",
   "label": "T-bills",
   "value": "+3.7%",
   "source": null
  },
  {
   "key": "first_traded",
   "label": "First traded",
   "value": "Mar 20, 2025",
   "source": null
  },
  {
   "key": "days_traded",
   "label": "Days traded",
   "value": "90",
   "source": null
  },
  {
   "key": "quoted",
   "label": "Quoted",
   "value": "on an exchange, every trading day",
   "source": null
  }
 ],
 "periods": [
  {
   "window": "3 months",
   "The fund": "+4.7%",
   "S&P 500": "+3.4%",
   "Difference, percentage points": "+1.4 pts"
  },
  {
   "window": "6 months",
   "The fund": "+13.6%",
   "S&P 500": "+15.2%",
   "Difference, percentage points": "\u22121.6 pts"
  },
  {
   "window": "1 year",
   "The fund": "+16.0%",
   "S&P 500": "+17.3%",
   "Difference, percentage points": "\u22121.3 pts"
  },
  {
   "window": "Since launch",
   "The fund": "+24.7%",
   "S&P 500": "+40.4%",
   "Difference, percentage points": "\u221215.7 pts"
  }
 ],
 "questions": [
  {
   "q": "Does VYLD move with the S&P 500?",
   "a": "Over the year to Oct 9, 2026, VYLD\u2019s weekly returns had a correlation of +0.74 with the S&P 500\u2019s, on a scale where 1 moves in step, 0 shows no pattern and \u22121 moves opposite. Its beta was +0.58, so for each 1% the index moved it moved about 0.58% the same way."
  },
  {
   "q": "What did VYLD do when stocks fell?",
   "a": "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%."
  },
  {
   "q": "Did VYLD earn more than cash?",
   "a": "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."
  },
  {
   "q": "Why is VYLD listed as volatility?",
   "a": "ETFIQ files each fund by what its own prospectus says it does, and VYLD\u2019s describes a volatility fund."
  },
  {
   "q": "How closely did VYLD track its VIX futures index?",
   "a": "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 \u22121x each day, returned +12.4%, a difference of +3.3 pts. Spot VIX moved \u22125.5%."
  },
  {
   "q": "What did rolling the VIX futures cost over the last year?",
   "a": "Holding the short-term VIX futures returned \u221249.6% from Oct 8, 2025 to Oct 8, 2026, while the constant-maturity futures price moved \u22124.1%. The difference, \u221247.4%, is the roll: what selling the expiring month and buying the next cost. A fund short these futures collects it instead."
  }
 ],
 "generated": "2026-10-09",
 "license": "https://etfiq.com/license/",
 "license_text": "Figures ETFIQ computes are free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.",
 "citation": "ETFIQ, VYLD, alternatives ETFs, data as of Oct 9, 2026. https://etfiq.com/funds/vyld"
}