At a glance
UVIX charges 1.65% a year. It has $295.1M in assets. Over the past year it returned −78.5% with distributions reinvested (S&P 500: +11.5%); over three years it returned −83.8% a year.
The short version
2x Long VIX Futures ETF (UVIX), from Volatility Shares, aims to deliver twice the daily return of the Long VIX Futures Index. That index holds first- and second-month futures on the CBOE Volatility Index (VIX). UVIX is a leveraged commodity pool that resets every day, charges 1.65% a year and sends investors a K-1 tax form. It can jump when markets panic, but it lost 95.3% in 2023 and 83.2% in 2025.
Price history
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UVIX -78.5% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| UVIX price data to Oct 27, 2026 | -66.9% | -78.5% | -83.8% | — | — | -84.1% |
- Over the year to Oct 27, 2026, UVIX returned -78.5%.
- Its worst full calendar year was 2023 (-95.3%); its best was 2024 (-75.2%).
- The deepest fall in its price history was 100% (May 9, 2022 to Oct 13, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -66.9% |
| 2025 | -83.2% |
| 2024 | -75.2% |
| 2023 | -95.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
What's inside
The fund holds futures contracts and the cash and Treasury bills backing them, not the commodity itself; its net assets were $295.1M as of Jun 30, 2026 (per its 10-Q). As a commodity pool it files 10-Q and 10-K reports instead of N-PORT holdings reports, so there is no holdings list.
How it works
UVIX tracks the Long VIX Futures Index (ticker LONGVOL). The index measures long positions in first- and second-month futures on the VIX, a gauge of how much investors expect stocks to swing. A futures contract is an agreement to buy or sell something at a set price on a future date. Each day the index rolls part of its holdings into later contracts to keep a steady time to maturity. Its daily value uses an average of futures prices between 3:45 and 4:00 p.m. Eastern. The fund is not twice the VIX itself, and its 10-K warns that it can perform very differently.
Volatility Shares uses a mathematical approach, not market forecasts, to hold enough VIX futures to give twice the index's move for a single day, from one 4:00 p.m. net asset value to the next. Because exposure resets daily, compounding can make returns over weeks or months differ sharply from 2x the index, usually for the worse in choppy markets. When later contracts cost more than the ones expiring, each roll also takes a bite out of returns.
If position limits or market disruptions get in the way, the fund may use options or swaps instead. Cash and Treasury bills back the futures. As a commodity pool rather than a 1940 Act fund, it lacks some investor protections. It is taxed as a partnership and issues a Schedule K-1.
What it really costs
- UVIX charges 1.65% a year.
Structure and tax notes
- Resets its exposure every day. Over periods longer than a day, compounding means returns can differ sharply from 2× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
- A commodity pool: it holds futures contracts (and the cash and Treasury bills backing them), not the commodity itself, and it is not a 1940 Act investment company, so it lacks some fund-specific investor protections. It is taxed as a partnership: investors get a Schedule K-1 rather than a 1099 and owe tax on their share of its gains each year, even without selling. Expiring contracts must be rolled into later ones, and the price gap between them adds to or takes from returns, so over time it can drift well away from the spot price of what it tracks. Besides the sponsor's fee, it pays brokerage commissions and other costs.
In a retirement portfolio
UVIX seeks 2x the Long VIX Futures Index for a single day only, and it has lost most of its value in every calendar year on record.
UVIX is built for one-day trades, not long holding periods. It launched in March 2022, so it has no record through the 2008 crisis or the 2020 crash, and its history is too short to measure across the 2022 bear market. The record it does have is harsh. It lost 95.3% in 2023, its worst calendar year, and even its strongest year, 2024, was a 75.2% loss. From its peak on May 9, 2022, to October 13, 2026, it lost nearly all of its value and has not recovered. A beta of -6.94 over the year to October 27, 2026 means it has tended to surge when stocks fall. Over time, though, the daily reset and futures rolls have worn that value down. It pays no distributions and charges 1.65% a year. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Experienced traders who want a leveraged one-day bet on rising VIX futures and can watch their positions through the day.
- Active traders looking for a short-lived hedge against a sudden selloff, given its -6.94 beta over the year to October 27, 2026.
- Traders who can live with a 1.65% fee, a Schedule K-1 and about 110% annualized volatility over the past year.
Look elsewhere if
- Buy-and-hold and retirement investors: UVIX lost 95.3% in 2023, 75.2% in 2024 and 83.2% in 2025.
- Anyone who needs income: the fund has recorded no distributions, and its return comes only from price changes in VIX futures.
- Investors who want simple 1099 tax reporting or 1940 Act protections. As a commodity pool, UVIX issues a K-1 instead.
Close alternatives
Matched by leveraged/inverse funds on the same index (the index could not be identified from the name).
No close alternatives found.
Questions investors ask
Is UVIX a good long-term investment?
UVIX is designed for single-day trades, not long-term holding. Volatility Shares says it seeks twice the Long VIX Futures Index's return for one day only. Over longer periods, the daily reset and futures rolls have weighed heavily. It lost 95.3% in 2023, 75.2% in 2024 and 83.2% in 2025, and it was down 78.5% over the year to October 27, 2026. From its May 2022 peak, it has lost nearly all of its value.
Does UVIX track 2x the VIX?
No. UVIX targets twice the daily return of the Long VIX Futures Index, which holds first- and second-month VIX futures, not the VIX itself. The VIX is a calculated measure of expected stock market swings, and you can't buy it directly. Futures prices move differently, and rolling from one contract to the next adds gains or costs. The fund's 10-K warns that UVIX can perform very differently from 2x the VIX over any period.
What's the difference between UVIX and SVIX?
They take opposite sides of the same market. Both are run by Volatility Shares in its VS Trust and both reset daily. UVIX seeks twice the daily return of the Long VIX Futures Index, so it aims to gain when first- and second-month VIX futures rise. SVIX seeks the daily return of the Short VIX Futures Index, the inverse (-1x) of a similar futures portfolio, so it aims to gain when those futures fall. Neither one can stand in for the other.
Does UVIX pay dividends?
No. UVIX has recorded no distributions. It holds VIX futures backed by cash and short-term Treasuries, and its returns come from changes in its share price. It is a commodity pool taxed as a partnership, so holders get a Schedule K-1 instead of a 1099. They may owe tax on their share of the fund's gains each year, even if they haven't sold any shares.
What is UVIX's expense ratio?
UVIX charges a sponsor fee of 1.65% a year, according to its 10-K. That is high next to typical index ETFs. On top of the fee, the fund pays brokerage commissions and other costs of trading futures, and rolling contracts every day can wear down returns further. The fund had about $295 million in net assets as of June 30, 2026.