The ProShares VIX Short-Term Futures (VIXY) and VIX Mid-Term Futures (VIXM) ETFs provide exposure to equity market volatility by seeking to match the performance of their respective VIX futures indexes, before fees and expenses.

Both ETFs will list today on NYSE Arca.

"Until now, to access volatility, many investors have considered exchange traded notes (ETNs), which subject them to the credit risk of the note’s issuer," said Michael L. Sapir, Chairman and CEO of ProShare Capital Management, the sponsor of the funds. "Now, for the first time, investors can access volatility with a U.S. exchange traded fund."

VIXY is linked to the performance of the S&P 500 VIX Short-Term Futures Index and VIXM is linked to the performance of the S&P 500 VIX Mid-Term Futures Index.