# VYLD (Inverse VIX Short-Term Futures ETNs due March 22, 2045)

JPMorgan · Alternatives ETFs · data as of Oct 9, 2026

In the S&P 500’s down weeks over the year to Oct 9, 2026, VYLD fell 48% as much as the index.

## Key facts

- VYLD, correlation with the S&P 500: +0.74, as of Oct 9, 2026.
- VYLD, beta to the S&P 500: +0.58, as of Oct 9, 2026.
- VYLD, down-week capture: 48.2%, as of Oct 9, 2026.
- VYLD, against T-bills, 52 weeks: +15.2 pts, as of Oct 9, 2026.
- VYLD, net assets: an exchange traded note holds no assets; it is the issuing bank’s unsecured debt, as of Oct 9, 2026.
- VYLD, strategy: Volatility (ETFIQ, from its prospectus).

## VYLD over each window to Oct 9, 2026

| Window | The fund | S&P 500 | Difference, percentage points |
| --- | --- | --- | --- |
| 3 months | +4.7% | +3.4% | +1.4 pts |
| 6 months | +13.6% | +15.2% | −1.6 pts |
| 1 year | +16.0% | +17.3% | −1.3 pts |
| Since launch | +24.7% | +40.4% | −15.7 pts |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Issuer | JPMorgan | ETFIQ |
| Strategy | Volatility | ETFIQ, from its prospectus |
| Expense ratio | not read by ETFIQ | ETFIQ |
| Net assets | an exchange traded note holds no assets; it is the issuing bank’s unsecured debt | ETFIQ |
| Issued by | JPMorgan Chase Financial Company LLC | ETFIQ |
| Structure | exchange traded note | ETFIQ |
| Index its own filing names | S&P 500 VIX Short-Term Futures Points-Change Inverse Daily Index TR | ETFIQ |
| Volatility group | Inverse and short VIX futures | ETFIQ |
| Daily multiple it seeks | one per cent for each point the short-term VIX futures fall, the points-change index its filing names | ETFIQ |
| How its index is rebuilt | from the points the weighted futures price moved each day, without the SOFR interest the total-return version of its index adds | ETFIQ |
| 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 | ETFIQ |
| 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 | ETFIQ |
| 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 | ETFIQ |
| 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 | ETFIQ |
| 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 | ETFIQ |
| 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 | ETFIQ |
| 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 | ETFIQ |
| 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 | ETFIQ |
| 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 | ETFIQ |
| Front two VIX futures on Oct 8, 2026 | 17.62 and 18.01, a contango of 2.2% | ETFIQ |
| Weeks measured | 52, from Oct 10, 2025 to Oct 9, 2026 | ETFIQ |
| Weeks the S&P 500 fell | 21 | ETFIQ |
| The S&P 500 in those weeks, on average | −1.18% | ETFIQ |
| VYLD in those weeks, on average | −0.57% | ETFIQ |
| VYLD total return over those weeks | +18.8% | ETFIQ |
| T-bills | +3.7% | ETFIQ |
| First traded | Mar 20, 2025 | ETFIQ |
| Days traded | 90 | ETFIQ |
| Quoted | on an exchange, every trading day | ETFIQ |

## Questions

### 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.


## Cite this page

ETFIQ, VYLD, alternatives ETFs, data as of 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 https://etfiq.com/data/.

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