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UVXY Implied Volatility, IV Rank & Options Chain

ProShares Ultra VIX Short-Term Futures ETF (UVXY) options data: IV rank, options chain, GEX and Greeks. Comprehensive options market data for ProShares Ultra VIX Short-Term Futures ETF (UVXY).

Updated Reference data
Open UVXY in the Terminal UVXY GEX levels IV Intelligence Positioning

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On this page
  1. Key facts
  2. Company overview
  3. Options market
  4. Volatility profile
  5. GEX analysis
  6. Common strategies
  7. FAQ

UVXY options trade with implied volatility typically in the 60% - 200% range, averaging 200K+ contracts in daily volume with very good liquidity. Next earnings: N/A (ETF). Weekly options and LEAPS are available.

UVXY implied volatility

As of 2026-10-26

As of 2026-10-26, UVXY's 30-day implied volatility is 117.2%, placing its 1-year IV percentile at 74.0 — above 74.0% of the past year's daily IV readings, an elevated, premium-selling regime favoring credit spreads, iron condors and short strangles.

117.2%30-day IV
74.01-year IV rank

UVXY live chain, Greeks and GEX

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Every figure above is reference data. The live UVXY chain, its Greeks, the gamma profile and the flow tape update through the session inside the Terminal.

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UVXY options at a glance

Daily volume
200K+ contracts
IV range
60% - 200%
Bid-ask spread
$0.03 - $0.10 ATM
Expirations
Weekly, monthly, LEAPS
Open interest
1.5M+ contracts
Next earnings
N/A (ETF)
200K+ contractsDaily Volume
1.5M+Open Interest
$0.03-0.10ATM Spread
60-200%IV Range
1.5x VIX FuturesLeverage
Persistent (Contango)Decay

About ProShares Ultra VIX Short-Term Futures ETF (UVXY)

ProShares Ultra VIX Short-Term Futures ETF (UVXY) seeks daily investment results that correspond to 1.5x the daily performance of the S&P 500 VIX Short-Term Futures Index. UVXY is the most popular vehicle for trading market volatility.

Company profile

Sector
ETF
Industry
Volatility ETF
Market cap
$500M+ AUM
Exchange
NYSE Arca

Key dates

Next earnings
N/A (ETF)
Earnings frequency
N/A
Dividend schedule
N/A
Fiscal year end
N/A

UVXY is the most actively traded volatility ETF. It spikes during market fear and is used for hedging portfolios against volatility expansion.

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Chains, IV rank, expected move and dealer positioning for 5,500+ US stocks and ETFs.

  • Live chains and Greeks
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  • Expected move and GEX
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UVXY options market overview

UVXY options are highly liquid and provide exposure to market volatility. Volume spikes during market stress when VIX rises.

Average daily volume
200K+ contracts
Total open interest
1.5M+ contracts
Put/call ratio
1.0 - 2.0 typical
Typical ATM spread
$0.03 - $0.10 ATM
Weekly options
Available
LEAPS available
Yes

Liquidity assessment: Very Good

UVXY options liquidity is excellent during high-volatility periods when hedging demand increases.

UVXY implied volatility and IV rank

UVXY implied volatility is inherently high as it tracks volatility itself. IV on UVXY represents 'vol of vol' - volatility of volatility.

60% - 80%Low IV, below average
80% - 120%Typical, normal conditions
120% - 200%Elevated, above average

Earnings impact

No earnings, but IV rises during market uncertainty, FOMC meetings, and geopolitical events.

The post-earnings volatility drop is known as IV crush. Holders of short UVXY options should also understand early assignment risk around dividends and expiration.

Historical volatility vs IV

UVXY IV is typically elevated as it prices in the potential for VIX spikes.

Term structure

Usually in contango (upward sloping) but can invert sharply during volatility events.

The smile, the term structure and the cone for UVXY, on today's chain.

Open UVXY in IV Intelligence

UVXY gamma exposure (GEX)

Gamma Exposure (GEX) analysis for UVXY shows volatility positioning that can amplify VIX moves.

  • Typical GEX profile. UVXY gamma effects are complex due to its relationship with VIX futures.
  • Key levels. Strike levels shift frequently due to UVXY's persistent decay and occasional spikes.
  • Dealer hedging. UVXY dealer hedging can create feedback loops during volatility events.

Where the gamma sits on UVXY right now, strike by strike.

See live UVXY GEX

Common UVXY options strategies

These are strategies commonly used by traders on UVXY options, based on typical market characteristics. This is not investment advice.

Protective CallsHedging. Buying UVXY calls as portfolio hedge against market volatility spikes. Premium acts as insurance. Put SpreadsDirectional. Put spreads to profit from UVXY decay during calm markets. Most popular strategy. Credit SpreadsIncome. Put credit spreads during low-volatility regimes. Profits from contango decay. StraddlesVolatility. Used around major events when volatility direction is uncertain. Ratio SpreadsAdvanced. Used to express views on volatility regime changes with asymmetric payoffs.

Every options strategy, ranked by what it is for

Key considerations for UVXY options

  • UVXY decays persistently due to VIX futures contango - long positions lose over time
  • The ETF is designed to spike during market fear, then decay back down
  • 1.5x leverage amplifies both gains during spikes and losses during decay
  • Frequent reverse splits occur to keep price tradeable (10:1 splits common)
  • Best used for short-term hedging or selling premium, not buy-and-hold
  • Options allow volatility exposure without suffering the underlying decay

UVXY key events

Earnings months. N/A

  • FOMC Meetings (8 per year) - VIX often rises beforehand
  • Geopolitical Events (VIX spikes)
  • Market Selloffs (UVXY rises sharply)
  • VIX Futures Expiration (Monthly)

UVXY options data by API, or in Claude

Every number on this page is one request away. The implied volatility API returns UVXY's IV rank and percentile, the gamma exposure API its dealer positioning by strike, and the chain API every strike with Greeks. Connected to the ApexVol MCP server, Claude, Cursor or ChatGPT can ask for them in plain English.

GET /api/mcp/data/iv-rank/UVXYBearer token, JSON back
curl -H "Authorization: Bearer avmcp_YOUR_TOKEN" \
     "https://apexvol.com/api/mcp/data/iv-rank/UVXY"
In Claudethrough the MCP server
You

What is UVXY's IV rank right now, and where is its gamma flip?

Claude calls get_iv_rank and get_gex

Try GEX on UVXY in the console, more prompts for UVXY, or set the server up in Claude Desktop, Claude Code, Cursor or ChatGPT.

Written by
ApexVol Research Team
Quantitative options research. All calculations use live institutional-grade data — the same source professional volatility desks use.
Reviewed by
Ryan Silk, ApexVol Founder
Reviewed for technical accuracy. 10+ years trading options; built ApexVol's pricing engine, Greeks model and IV-rank methodology.

Revised as market conditions and institutional data change. Last revised 2026-10-26. How we research →

Track this name's volatility weekly. The week's biggest IV movers and the expected earnings moves, straight from the data.

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Questions

Frequently asked
about UVXY options.

How liquid are UVXY options?

UVXY options have strong liquidity with average daily volume exceeding 200,000 contracts. Volume increases significantly during market volatility events.

What is UVXY's typical implied volatility?

UVXY implied volatility typically ranges from 60% to 200%. This represents 'vol of vol' - the volatility of volatility itself.

Why does UVXY decay over time?

UVXY decays due to VIX futures contango - rolling from expiring to longer-dated futures typically costs money. This creates persistent negative drag on the ETF.

When does UVXY spike?

UVXY spikes when the VIX rises sharply, typically during market selloffs, geopolitical events, or sudden uncertainty. It can double or triple in major volatility events.

Is UVXY good for long-term hedging?

No, UVXY's persistent decay makes it unsuitable for long-term holding. Options on UVXY provide volatility exposure without suffering the underlying decay.

What are UVXY reverse splits?

UVXY undergoes frequent reverse splits (often 10:1) to keep the share price tradeable. This doesn't affect option values but does adjust strike prices.

What affects UVXY options pricing?

UVXY options are driven by VIX levels, VIX futures term structure, market fear, and upcoming events like FOMC meetings or earnings season.

Are LEAPS available for UVXY?

Yes, UVXY LEAPS exist but are complex due to reverse splits and decay. Long-dated puts are more common than calls given the decay characteristics.

What is UVXY's gamma exposure (GEX)?

Gamma exposure (GEX) measures how options dealers' hedging of their net gamma position can influence UVXY's intraday price action. UVXY gamma effects are complex due to its relationship with VIX futures. UVXY dealer hedging can create feedback loops during volatility events. Positive GEX tends to dampen volatility and create mean-reverting moves, while negative GEX can amplify swings. View live UVXY GEX levels and the gamma-flip point on ApexVol.

What is UVXY's IV rank?

UVXY's IV rank shows where UVXY's current implied volatility sits within its trailing 1-year range, scored 0–100. A reading near 100 means IV is near its yearly high — options are relatively expensive, which favors premium-selling strategies like credit spreads and iron condors. A reading near 0 means IV is near its yearly low, favoring premium-buying. UVXY implied volatility typically ranges from 60% - 200%. Check UVXY's live IV rank and percentile on ApexVol's IV analytics.

Keep reading

Where UVXY
gets priced.

UVXY analytics

UVXY Gamma ExposureReal-time GEX levels and dealer positioning UVXY IV AnalyticsIV rank, percentile, and volatility cone UVXY Volatility LabIV smile and term structure analysis UVXY Greeks HeatmapVisualize Greeks across strikes UVXY Options FlowTrack institutional order flow UVXY Event AnalysisVIX spike patterns

Run it, do not just read it

Options profit calculatorPayoff, breakeven and Greeks. Greeks calculatorDelta, gamma, theta, vega. IV rank calculatorImplied volatility and IV rank. Options chainReal-time Greeks on a live chain. Greeks heatmapWhere the exposure actually sits. Volatility labIV analysis across the surface. Strategy simulatorTest the structure before you place it. IV intelligenceThe surface in three dimensions. Options screenerFind the setups worth a look. Historical dataPast snapshots, back to 2007. EarningsHistorical moves and the IV around them. 0DTE analyticsSame-day expiration, same-day risk.

Related tickers

VXX optionsBarclays VIX ETN. 1x VIX futures. SVXY optionsProShares Short VIX. Inverse VIX ETF. SPY optionsS&P 500 ETF. Inverse correlation. SQQQ optionsProShares Short QQQ 3X. Also rises in selloffs. TLT optionsTreasury Bond ETF. Flight to safety correlation.

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