UVIX +2x 2x Long VIX Futures ETF

UVIX

ETF +2x BULL standard
2x Long VIX Futures ETF
Issuer: — · Tracks: VIX (VIXY) · Listed: 2022-03-28
Implied AUM
$279.8M
Last Close
$60.76
20260720
30d Avg Vol
1,921,488
Options
available
Realized return vs theoretical +2x VIX
Other leveraged products tracking VIX
Symbol Factor Direction Issuer Name Implied AUM 30d Vol Options
UVXY +2x BULL ProShares ProShares Ultra VIX Short-Term Futures ETF $245.5M 7,357,471

How UVIX works

UVIX targets +2x the daily return of VIX — not the cumulative return over multi-day windows. The fund rebalances at the close each day using swaps or futures, which is what creates the volatility drag the chart above visualizes.

Mathematical headline: drag ≈ −0.5 × N × (N−1) × σ² per period. For a +2x product on an underlying with 25% annualized vol, expected annual drag is around 6.2%. Add expense ratio and the realized number is typically worse.

  • Short-term tactical: daily and intraday holds are where these products were designed to live.
  • Premium selling: options on UVIX carry very rich IV — see the quote page for IV rank and straddle pricing.
  • Multi-day directional: works in strong trends; gets eaten alive in chop. Use the chart above to gauge the realized vs theoretical track record.