VIXM is an ETF that trades futures with an average expiration of 5 months. As a result, it is not nearly as subject to the same type of extreme decay you would get from some of the more short term volatility funds like TVIX or SPXS. If you look here, you'll see that it doubled in value during the initial drop, but has remained fairly steady even as the market has gone on to post ridiculous gains.
Now to explain how this works… They purchase futures contracts which expire 3-7 months out. Once the contract gets to 3 months, they sell it and buy another future at 7 months expiry. So instead of letting the contract run down to zero at expiry, their equity is more or less preserved. However, if shit does hit the fan, they're set up to capitalize on losses because even long dated futures will rise in value.
Before anyone calls me a shill, this is an ETF. They take any money that gets put into the fund, purchase contracts, and create new shares to maintain their NAV (Net Asset Value). So my shares will get diluted. I only make money if the stock market tanks again (which I think it will at some point). My only goal here is to help out some of the other people who have gotten wrecked because all the Central Banks are pumping the shit out of asset prices and can't bear (ha) to capitulate and buy into the bull shit.
tl;dr If you think the market is gonna go down again, this is a great way to play that without getting fucked by futures decay.