At a glance
UVXY charges 0.95% a year. It has $247.3M in assets. Over the past year it returned −63.3% with distributions reinvested (S&P 500: +11.5%); over three years it returned −67.0% a year. At its worst it fell 60.9% in the 2022 bear market (S&P 500: 24.5%), and is still below its earlier high.
The short version
ProShares Ultra VIX Short-Term Futures ETF (UVXY) aims to deliver twice (2x) the daily move of the S&P 500 VIX Short-Term Futures Index. It holds futures on the VIX, a gauge of expected stock market swings, not stocks or bonds. It resets its leverage daily and is a commodity pool taxed as a partnership. It can jump when markets panic, but it lost money every calendar year from 2021 through 2025 and charges 0.95% a year.
Price history
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UVXY -63.3% 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 | |
|---|---|---|---|---|---|---|
| UVXY price data to Oct 27, 2026 | -50.3% | -63.3% | -67.0% | -66.6% | — | -73.2% |
- Over the year to Oct 27, 2026, UVXY returned -63.3%.
- Its 5-year annualized return was -66.6%.
- Its worst full calendar year was 2021 (-88.3%); its best was 2022 (-44.8%).
- The deepest fall in its price history was 100% (Jun 11, 2020 to Oct 13, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -50.3% |
| 2025 | -65.3% |
| 2024 | -50.9% |
| 2023 | -87.7% |
| 2022 | -44.8% |
| 2021 | -88.3% |
| 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 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 12.2% over that stretch · deepest drop along the way 60.9%, not recovered by the end of the data |
What's inside
The fund holds futures contracts and the cash and Treasury bills backing them, not the commodity itself; its net assets were $247.3M 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
UVXY is one series of ProShares Trust II, and ProShare Capital Management LLC sponsors it. The fund aims for daily results, before fees and expenses, equal to two times (2x) the daily performance of the S&P 500 VIX Short-Term Futures Index. That index tracks futures on the Cboe Volatility Index (VIX), which measures how much the S&P 500 is expected to swing. Nobody can own the VIX directly, so the fund holds VIX futures contracts, which are agreements on a future price. It may also use swaps and other derivatives, backed by cash and Treasury bills. It owns no stocks.
The 2x target applies to one day only. The day runs from one net asset value (NAV) calculation to the next. Over longer periods, daily returns compound, so results can differ from 2x of the index in size and even in direction. ProShares says swings in the index can matter as much as its return. It also tells holders to consider monitoring their position actively.
Futures expire, so the fund keeps rolling into later contracts. When later contracts cost more, which is common for VIX futures, each roll eats into value. To keep the share price from falling too low, UVXY did reverse splits of 1:10 (June 23, 2023), 1:5 (April 11, 2024) and 1:5 (November 20, 2025).
What it really costs
- UVXY charges 0.95% 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
It targets 2x daily VIX futures returns, resets every day, and has lost most of its value over every multi-year period on record.
UVXY's price history here begins June 2, 2020, so it doesn't cover 2008 or the 2020 COVID crash. During the 2022 bear market (January 3 to October 12, 2022), it rose 12.2%. Within that stretch, though, it fell 60.9% between March 7 and August 18, 2022. It lost money in every calendar year from 2021 through 2025, and its worst year was 2021, at -88.3%. From its June 11, 2020 peak, it lost almost all of its value by October 13, 2026, and it has not recovered. Anyone who needed cash in a bad year would likely find the shares worth a small fraction of what they paid. It pays no distributions, it costs 0.95% a year, and it issues a K-1 tax form. Past results don't predict the future. A retirement 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 two-times daily bet on rising VIX futures and can watch the position every trading day.
- Investors hedging stock exposure for days, not months, who accept that futures rolls and the 0.95% fee wear away value.
- Traders comfortable with a K-1 partnership tax form and one-year volatility of 80.3% as of October 27, 2026.
Look elsewhere if
- Long-term and retirement investors: it lost money every calendar year from 2021 through 2025, including -88.3% in 2021.
- Anyone seeking income: the fund has no recorded distributions, and holders may owe tax on its gains without receiving cash.
- Those wanting a lasting crash hedge: it fell nearly 100% from June 2020 to October 2026 and needed three reverse splits after 2023.
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 UVXY a good long-term investment?
Its record says no. As of October 27, 2026, UVXY's annualized return was -66.6% over five years. Over three years, its total loss was 96%. ProShares states that the fund seeks results for a single day only, not any longer period. It also says leveraged funds like this are meant for knowledgeable investors who understand daily leveraged results. The fund lost money every calendar year from 2021 through 2025.
Why does UVXY keep going down?
Three forces pull it lower. First, the fund resets to 2x leverage every day, and compounding through choppy markets tends to erode value. Second, it holds VIX futures that must be rolled into later contracts, and when later contracts cost more, each roll loses money. Third, it pays a 0.95% yearly sponsor fee plus brokerage costs. Together, these produced a 63.3% loss over the year to October 27, 2026.
What's the difference between UVXY and VIXY?
Both are ProShares funds based on the S&P 500 VIX Short-Term Futures Index, but they use different leverage. VIXY (ProShares VIX Short-Term Futures ETF) aims to match the index's return, both for one day and over time. UVXY aims for two times the index's daily return, for a single day only. That makes UVXY's swings roughly twice as large, and its losses from compounding steeper. Both funds have done reverse splits.
Does UVXY pay a dividend?
No. UVXY has no recorded distributions, so it offers no income. It is also a commodity pool taxed as a partnership. Holders get a Schedule K-1 instead of a 1099. They owe tax each year on their share of the fund's gains, even if they still hold their shares. That makes tax filing more complex than with a typical stock or bond ETF.
Why does UVXY do so many reverse splits?
Its share price keeps falling, and reverse splits push it back up. UVXY did a 1:10 reverse split on June 23, 2023, a 1:5 on April 11, 2024, and another 1:5 on November 20, 2025. A reverse split combines shares into fewer, higher-priced ones without changing a holder's total value. So the splits themselves cost nothing, but they reflect the steep losses that came before them.