ProShares - Ultra VIX Short-Term Futures ETF

Frequently Asked Questions About UVXY

What does UVXY invest in?

The ProShares Ultra VIX Short-Term Futures ETF aims to deliver daily investment outcomes, prior to the deduction of fees and expenses, that are one-and-a-half times (1.5x) the daily movement displayed by the S&P 500 VIX Short-Term Futures Index.

What is the expense ratio of UVXY?

ProShares - Ultra VIX Short-Term Futures ETF (UVXY) charges an expense ratio of 0.95%. This is the annual fee deducted from fund assets to cover management and operations.

Is UVXY a good long-term hold?

UVXY is a leveraged fund designed to deliver a daily multiple of its underlying index. Daily reset compounding means returns over multi-day periods can diverge significantly from the headline multiple, typically with negative drift in choppy markets. These funds are designed for short-term tactical use, not buy-and-hold. Review the fund's prospectus before holding more than a few days.

How does UVXY's daily reset work?

UVXY rebalances exposure each trading day to maintain its target leverage ratio against the next day's move. The daily reset means returns compound at the daily level, so a +1%, −1% sequence on the underlying doesn't return the underlying to flat after the leverage multiplier. Over time this path-dependence erodes returns in volatile markets and amplifies them in trending markets.

How big is UVXY?

ProShares - Ultra VIX Short-Term Futures ETF (UVXY) manages $227.0M in total assets. AUM determines bid-ask liquidity and the fund's vulnerability to closure. Funds below ~$50M are at higher risk of liquidation.

Is UVXY actively managed or an index fund?

UVXY's management style is described in the fund's prospectus. See the description on the Summary tab for the published strategy.