ProShares Ultra VIX Short-Term Futures ETF

When equity markets panic, this ProShares fund is one of the instruments that spikes. It aims for one and a half times the daily performance of an index of short-term VIX futures, the contracts tied to expected S&P 500 volatility, so it tends to jump when stocks fall sharply. That makes it a short-term hedge or a way to trade fear directly. The catch is structural: VIX futures usually cost more than they are worth as they roll toward expiry, so in calm markets the fund bleeds value steadily and has lost the vast majority of its worth over the years through repeated reverse splits. It is built for days and weeks, not years. Buyers are traders hedging a portfolio into an event or speculating on a volatility spike, fully aware the position decays the longer it is held.

On MyRWA, UVXY trades tokenized across 14 on-chain venues - see the listings below.