$VXZ MTCMVF settled @ 25.161 (-0.9%). The mid-term constant-maturity VIX futures (MTCMVF) is a weighted average of the current 4th, 5th, 6th, and 7th month VIX futures contracts. It is a benchmark for the mid-term volatility ETPs (e.g., VXZ, VIXM, VIIZ) and compares to the S&P 500 6-month volatility index (VIX6M), which is derived from $SPX options. MTCMVF is an ideal but inaccurate reflection of portfolios held by the volatility ETPs, and MTCMVF resets its value on a daily basis, discounting loss from prior contracts; SPVIXMTR is another benchmark that includes prior contract loss. The posted quote is derived from VIX futures daily settlement.