ProShares, a leading issuer of leveraged ETFs, launched one of the last new ETFs of 2010 when it debuted the RAFI Long/Short (RALS) in December. Now the company has launched the first new ETFs of 2011, rolling out two volatility products on Tuesday. The ProShares VIX Short-Term Futures (VIXY) and VIX Mid-Term Futures (VIXM) are the first products to offer exposure to volatility in ETF form. VIXY will seek to replicate the performance of the S&P 500 VIX Short-Term Futures Index, which targets a weighted average term of one month. VIXM will seek to replicate the S&P 500 VIX Mid-Term Futures Index, which targets a weighted average maturity of five months. The CBOE Volatility Index, also known as the VIX, is a well-known measure of the expected short-term volatility of the S&P 500 Index. The VIX is sometimes referred to as the “fear index,” reflecting its tendency to spike when [...] Click here to read the original article on ETFdb.com.