I've got a small holding of VIXM I bought right after the US election. I'm having trouble finding details about exactly how this ETF functions. The prospectus describes a rolling basket of options with a 5 month average and describes maturing options being rolled into a next traunch of 5 month VIX options.
Other than lots of warnings that this ticker is highly volatile and involves significant risk of loss, I don't see much else.
How does this ETF actually maintain a value? It seems like it should eventually decay to zero as options mature while underwater?
Silly question perhaps, but I'm just trying to better understand how the money flows with this ETF.