ProShares Ultra VIX Short-Term Futures ETF (1.5x) (UVXY) ETF Price, Holdings & News

Technical Score (1D)

SELL

News Sentiment

MIXED

What's happening to UVXY today?

UVXY’s leveraged exposure to VIX futures nudged higher today as the VIX index climbed to 16.46, signaling a return to elevated market volatility after a recent lull. The uptick is driven by a confluence of rising Treasury yields and a modest rally in oil prices, both of which feed into the volatility premium that UVXY seeks to capture. This move matters for UVXY’s sector exposure because the ETF’s performance is tightly coupled to the VIX’s sensitivity to macro‑factors such as monetary policy and commodity price swings; a higher VIX translates into a more favorable environment for UVXY’s short‑term leveraged strategy. Over the next 1–10 trading days, traders should watch for any further tightening of the 10‑year yield curve or unexpected oil supply disruptions, as these could push the VIX higher and temporarily offset UVXY’s inherent decay. The recent VIX rise also underscores the second‑order risk that UVXY’s daily rebalancing can amplify gains in a spike but accelerate losses when volatility subsides, a dynamic that has been highlighted in recent decay‑focused analyses. While the ETF’s expense ratio remains a constant drag, the current volatility environment offers a window where the upside can outweigh the decay if a sharp move materializes. However, should yields climb further or oil prices flatten, the VIX could retreat, re‑exposing UVXY to its well‑documented erosion over time. Traders should therefore monitor the next U.S. inflation report and Nvidia’s earnings release, both of which are poised to influence market sentiment and could trigger a volatility spike that would benefit UVXY in the short term.

News Sentiment Analysis

Sentiment gathered from recent headlines

54/100

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MIXED

Recent News Coverage (Top ETF Holdings)

ETF: UVXY

0+ articles

Last updated: February 15, 2026

Understanding UVXY

ProShares Ultra VIX Short-Term Futures ETF (UVXY) is designed to provide 1.5x leveraged exposure to the implied volatility of the S&P 500, measured by the VIX. This ETF is not a direct investment in the S&P 500 itself, but rather in VIX futures contracts, making it a tool for expressing views on market volatility. The fund's structure means its performance is highly sensitive to the movements of these futures contracts and the roll yield associated with them.

Given its leveraged nature, UVXY is inherently a short-term trading instrument. The ETF's value can fluctuate dramatically, especially during periods of high market volatility. Investors should be aware of the potential for significant losses, particularly if they hold the ETF for extended periods. The fund's structure and investment strategy make it suitable for sophisticated investors with a high risk tolerance and a clear understanding of volatility products.

Leveraged Exposure

UVXY is a leveraged ETF, aiming to deliver 1.5 times the daily performance of the S&P 500 VIX Short-Term Futures Index. This means that both gains and losses are magnified compared to the underlying index.

The fund's leveraged structure amplifies both gains and losses, making it a high-risk investment. Investors should carefully consider their risk tolerance and investment horizon before investing in UVXY.

Because of its leverage, UVXY is best suited for short-term trading strategies rather than long-term holding. The daily rebalancing inherent in leveraged ETFs can lead to significant decay over time, especially in a sideways market.

Volatility Focus

UVXY's primary objective is to provide exposure to market volatility through VIX futures contracts. The ETF's performance is directly tied to the movements of these futures.

The ETF's holdings are concentrated in VIX futures, with 100% of its holdings in VIX. This concentration means the fund's performance is highly sensitive to changes in the VIX.

This focus on volatility makes UVXY a tool for hedging against market downturns or speculating on increased market uncertainty. However, it is not a direct investment in the S&P 500.

Trading Frictions

UVXY's value is derived from VIX futures contracts, which are subject to roll costs. These costs can erode returns over time, especially in a contango market.

The ETF's leveraged nature and focus on short-term futures make it susceptible to significant trading frictions. These frictions can include bid-ask spreads and the impact of daily rebalancing.

Investors should be aware of the potential for significant slippage, particularly during periods of high market volatility. This can impact the ETF's ability to track its underlying index.

Concentrated Holdings

UVXY's portfolio is highly concentrated, with 100% of its holdings in VIX futures. This concentration means the fund's performance is heavily dependent on the performance of these futures contracts.

The lack of diversification increases the fund's risk profile. Investors should be aware of the potential for significant losses if the VIX futures contracts move against their positions.

This concentrated structure makes UVXY a specialized investment tool. It is not suitable for investors seeking broad market exposure or diversification.

Macro Sensitivity

UVXY is highly sensitive to macroeconomic factors that influence market volatility. Economic data releases, geopolitical events, and changes in investor sentiment can all impact the VIX and, consequently, UVXY's performance.

The ETF's performance is also influenced by the shape of the VIX futures curve. Contango, where near-term futures contracts are priced lower than longer-term contracts, can lead to negative roll yield and erode returns.

Investors should monitor economic indicators and market sentiment to assess the potential impact on UVXY. Understanding the relationship between these factors and the VIX is crucial for making informed investment decisions.

Portfolio Role

UVXY can be used as a tool for hedging against market downturns. Its inverse relationship with the stock market makes it a potential diversifier.

However, due to its leveraged nature and the effects of contango, UVXY is not a suitable long-term investment. It is best used for short-term trading strategies.

Investors should carefully consider their overall portfolio strategy and risk tolerance before including UVXY. The ETF's high volatility and potential for significant losses make it a high-risk investment.

Positioning UVXY

Given its leveraged nature, UVXY is best suited for short-term trading strategies. Investors should carefully monitor market volatility and adjust their positions accordingly. The ETF's performance is highly sensitive to changes in the VIX futures curve, so understanding the shape of the curve is crucial. Consider using UVXY as a tactical tool to hedge against short-term market risks, but avoid long-term holding due to the effects of contango and leverage decay.

What Influences UVXY?

UVXY's performance hinges on the behavior of VIX futures, which reflect market expectations of near-term volatility. As a leveraged ETF, its daily returns are amplified, making it highly sensitive to even small shifts in the VIX.

VIX Futures Curve

The shape of the VIX futures curve directly impacts UVXY. Contango, where near-term futures are priced lower than later ones, leads to negative roll yield as the fund must sell lower-priced contracts and buy higher-priced ones.

Conversely, backwardation, where near-term futures are priced higher, can provide a positive roll yield. This dynamic is crucial because UVXY holds VIX futures contracts.

Leverage Amplification

UVXY's 1.5x leverage magnifies both gains and losses relative to the VIX futures it holds. This means that even small movements in the VIX can result in significant percentage changes in UVXY's price.

This leverage factor makes UVXY a high-risk, high-reward investment, suitable only for short-term trading by sophisticated investors who understand the mechanics of volatility products.

Index Methodology Impact

UVXY's index methodology, which involves rolling its holdings of VIX futures contracts, introduces a decay factor over time. This is because the fund must constantly sell expiring contracts and buy new ones.

This 'roll cost' can erode returns, especially during periods of low volatility or contango in the VIX futures curve. Investors should be aware of this structural drag on performance.

Key insight: UVXY's value is primarily driven by the behavior of VIX futures and the impact of its leveraged structure. Investors should carefully consider the risks associated with leverage and the potential for decay.

Key Metrics for UVXY

Given UVXY's leveraged and futures-based structure, investors should closely monitor its volatility exposure and decay characteristics. Key metrics reflect the ETF's ability to track short-term VIX futures and manage roll costs.

Daily Roll Yield: This assesses the impact of rolling VIX futures contracts. Negative roll yield (contango) erodes value, while positive roll yield (backwardation) boosts returns. Monitor this daily, as it directly impacts UVXY's performance due to its futures-based strategy.

Leverage Decay: Measures the impact of daily compounding on leveraged ETFs. Due to the daily reset, UVXY's returns may deviate significantly from 1.5x the daily VIX futures movements. Persistent deviations can indicate the impact of volatility and market conditions.

VIX Futures Curve: Examines the shape of the VIX futures curve. A steep contango (where near-term futures are priced lower than later ones) is detrimental to UVXY. A flat or backwardated curve is more favorable. Monitor the curve's slope for potential roll yield impacts.

Tracking Error: Evaluates how closely UVXY tracks its target index after fees and expenses. A widening tracking error suggests increased costs or replication issues. This is a critical check for leveraged ETFs, as small discrepancies compound over time.

Expense Ratio: The expense ratio is a key factor in determining the net return. While not provided, it is a critical monitoring item. A higher expense ratio will reduce returns. Compare this to similar products to assess cost efficiency.

Volatility Regime: Assesses the prevailing market volatility environment. UVXY is designed for short-term volatility exposure. High volatility periods can lead to rapid gains, while low volatility can lead to losses. Monitor the VIX index level and its trend to gauge UVXY's potential.

Risk Factors to Monitor

UVXY's leveraged exposure to VIX futures exposes it to significant volatility and decay. The fund's structure amplifies both gains and losses, and its performance is highly sensitive to the shape of the VIX futures curve.

Volatility Decay
UVXY's daily rebalancing and leveraged nature mean it is highly susceptible to volatility decay. As the fund seeks to provide 1.5x the daily return of the VIX futures index, it will lose value over time if the VIX futures index is flat or moves sideways. This is especially true during periods of low volatility.
Contango Risk
The fund's performance is negatively impacted by contango in the VIX futures market. Contango occurs when the price of a futures contract is higher than the expected spot price. As UVXY rolls its holdings into later-dated contracts, it may sell lower and buy higher, leading to losses.
Leverage Amplification
The 1.5x leverage amplifies both gains and losses, increasing the risk of significant drawdowns. Even small adverse movements in the VIX futures index can result in substantial losses for UVXY holders. This risk is compounded during periods of high market volatility.
Tracking Error
UVXY's returns may deviate from 1.5x the daily return of its underlying index due to factors such as fund expenses, rebalancing, and the impact of compounding. This tracking error can be particularly pronounced during periods of high volatility or market stress. The fund's expense ratio adds to this risk.
Liquidity Risk
The market for VIX futures can experience periods of low liquidity, especially during times of market stress. This can lead to wider bid-ask spreads and increased transaction costs, which can negatively impact UVXY's performance. Significant price movements can exacerbate this risk.
Curve Steepening Risk
UVXY's performance is sensitive to the shape of the VIX futures curve. A steepening curve, where later-dated futures contracts trade at a significant premium to near-term contracts, can lead to losses as the fund rolls its holdings. This risk is heightened during periods of rising volatility.

Frequently Asked Questions

What is UVXY and what does it track?

UVXY is an exchange-traded fund that aims to provide 1.5x leveraged exposure to the short-term volatility of the S&P 500 index. It achieves this by investing in VIX futures contracts. Investors should understand that leveraged ETFs amplify both gains and losses.

What are the primary risks associated with investing in UVXY?

UVXY's value is highly sensitive to changes in the VIX futures market, and it is subject to the effects of contango and backwardation. Due to its leveraged nature, UVXY can experience significant daily price fluctuations. Additionally, the fund's value may decay over time due to the cost of rolling futures contracts.

What is the expense ratio for UVXY?

The expense ratio for UVXY represents the annual fees charged to manage the fund. This fee is deducted from the fund's assets and can impact overall returns. Investors should review the prospectus for the most up-to-date expense ratio information.

How does UVXY's leverage work?

UVXY employs 1.5x leverage, meaning it seeks to deliver 1.5 times the daily return of its underlying index. This leverage magnifies both gains and losses, making it a higher-risk investment. The fund resets its leverage daily, which can lead to different results over longer periods.

What are the top holdings of UVXY?

UVXY's holdings consist primarily of VIX futures contracts. The fund's performance is directly tied to the movements of these contracts. Investors should monitor the specific contract months held by the fund, as these can change over time.

How volatile is UVXY compared to the broader market?

UVXY is significantly more volatile than the overall market due to its leveraged structure and focus on volatility. Its price movements can be substantial, especially during periods of market stress. Investors should be prepared for potentially large price swings.

What type of ETF is UVXY?

UVXY is a leveraged exchange-traded fund (ETF). It is designed to provide amplified exposure to the VIX index. As a leveraged ETF, it is intended for short-term trading strategies rather than long-term investing.

How liquid is UVXY?

UVXY's liquidity can vary depending on market conditions and trading volume. Investors should consider the bid-ask spread and trading volume when assessing liquidity. It's important to use limit orders to manage potential slippage.

What factors drive the price of UVXY?

The price of UVXY is primarily driven by the price movements of VIX futures contracts. Market volatility, investor sentiment, and economic events can all influence these futures. Contango and backwardation in the VIX futures market also significantly impact the fund's performance.

What is the historical performance of UVXY?

Historical performance data for UVXY is available, but past performance is not indicative of future results. Due to its leveraged nature and focus on short-term volatility, UVXY's long-term returns may differ significantly from its daily performance. Investors should review the fund's performance in various market environments.

News Sentiment Analysis

Sentiment gathered from recent headlines

54/100

Strong NegativeNeutralStrong Positive

MIXED

Recent News Coverage (Top ETF Holdings)

ETF: UVXY

0+ articles

Last updated: February 15, 2026

Understanding UVXY

Leveraged Exposure

Volatility Focus

UVXY's primary objective is to provide exposure to market volatility through VIX futures contracts. The ETF's performance is directly tied to the movements of these futures.

The ETF's holdings are concentrated in VIX futures, with 100% of its holdings in VIX. This concentration means the fund's performance is highly sensitive to changes in the VIX.

This focus on volatility makes UVXY a tool for hedging against market downturns or speculating on increased market uncertainty. However, it is not a direct investment in the S&P 500.

Trading Frictions

UVXY's value is derived from VIX futures contracts, which are subject to roll costs. These costs can erode returns over time, especially in a contango market.

The ETF's leveraged nature and focus on short-term futures make it susceptible to significant trading frictions. These frictions can include bid-ask spreads and the impact of daily rebalancing.

Investors should be aware of the potential for significant slippage, particularly during periods of high market volatility. This can impact the ETF's ability to track its underlying index.

Concentrated Holdings

UVXY's portfolio is highly concentrated, with 100% of its holdings in VIX futures. This concentration means the fund's performance is heavily dependent on the performance of these futures contracts.

The lack of diversification increases the fund's risk profile. Investors should be aware of the potential for significant losses if the VIX futures contracts move against their positions.

This concentrated structure makes UVXY a specialized investment tool. It is not suitable for investors seeking broad market exposure or diversification.

Macro Sensitivity

Portfolio Role

UVXY can be used as a tool for hedging against market downturns. Its inverse relationship with the stock market makes it a potential diversifier.

However, due to its leveraged nature and the effects of contango, UVXY is not a suitable long-term investment. It is best used for short-term trading strategies.

Positioning UVXY

What Influences UVXY?

VIX Futures Curve

Conversely, backwardation, where near-term futures are priced higher, can provide a positive roll yield. This dynamic is crucial because UVXY holds VIX futures contracts.

Leverage Amplification

This leverage factor makes UVXY a high-risk, high-reward investment, suitable only for short-term trading by sophisticated investors who understand the mechanics of volatility products.

Index Methodology Impact

This 'roll cost' can erode returns, especially during periods of low volatility or contango in the VIX futures curve. Investors should be aware of this structural drag on performance.

Key Metrics for UVXY

Risk Factors to Monitor

Volatility Decay
UVXY's daily rebalancing and leveraged nature mean it is highly susceptible to volatility decay. As the fund seeks to provide 1.5x the daily return of the VIX futures index, it will lose value over time if the VIX futures index is flat or moves sideways. This is especially true during periods of low volatility.
Contango Risk
The fund's performance is negatively impacted by contango in the VIX futures market. Contango occurs when the price of a futures contract is higher than the expected spot price. As UVXY rolls its holdings into later-dated contracts, it may sell lower and buy higher, leading to losses.
Leverage Amplification
The 1.5x leverage amplifies both gains and losses, increasing the risk of significant drawdowns. Even small adverse movements in the VIX futures index can result in substantial losses for UVXY holders. This risk is compounded during periods of high market volatility.
Tracking Error
UVXY's returns may deviate from 1.5x the daily return of its underlying index due to factors such as fund expenses, rebalancing, and the impact of compounding. This tracking error can be particularly pronounced during periods of high volatility or market stress. The fund's expense ratio adds to this risk.
Liquidity Risk
The market for VIX futures can experience periods of low liquidity, especially during times of market stress. This can lead to wider bid-ask spreads and increased transaction costs, which can negatively impact UVXY's performance. Significant price movements can exacerbate this risk.
Curve Steepening Risk
UVXY's performance is sensitive to the shape of the VIX futures curve. A steepening curve, where later-dated futures contracts trade at a significant premium to near-term contracts, can lead to losses as the fund rolls its holdings. This risk is heightened during periods of rising volatility.

Frequently Asked Questions

What is UVXY and what does it track?

What are the primary risks associated with investing in UVXY?

What is the expense ratio for UVXY?

How does UVXY's leverage work?

What are the top holdings of UVXY?

How volatile is UVXY compared to the broader market?

What type of ETF is UVXY?

How liquid is UVXY?

What factors drive the price of UVXY?

What is the historical performance of UVXY?

UVXY·ProShares Ultra VIX Short-Term Futures ETF (1.5x)

What's happening to UVXY today?

News Sentiment Analysis

Recent News Coverage (Top ETF Holdings)

Discover More

Understanding UVXY

Leveraged Exposure

Volatility Focus

Trading Frictions

Concentrated Holdings

Macro Sensitivity

Portfolio Role

Positioning UVXY

What Influences UVXY?

VIX Futures Curve

Leverage Amplification

Index Methodology Impact

Key Metrics for UVXY

Risk Factors to Monitor

Frequently Asked Questions

News Sentiment Analysis

Recent News Coverage (Top ETF Holdings)

Discover More

Understanding UVXY

Leveraged Exposure

Volatility Focus

Trading Frictions

Concentrated Holdings

Macro Sensitivity

Portfolio Role

Positioning UVXY

What Influences UVXY?

VIX Futures Curve

Leverage Amplification

Index Methodology Impact

Key Metrics for UVXY

Risk Factors to Monitor

Frequently Asked Questions