UVXY Options
ProShares Ultra VIX Short-Term Futures ETF Options Chain, Implied Volatility & Greeks
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.
An IV rank near 82.0 (the value shown here is illustrative) would mean implied volatility is in roughly the 82.0th percentile of its 1-year range — elevated, premium-selling regime for credit spreads, iron condors, and short strangles. For today's live UVXY IV rank from ORATS, open the dashboard.
Chart shows simulated data for display purposes. View the real UVXY IV history on the live platform →
Comprehensive options market data for ProShares Ultra VIX Short-Term Futures ETF (UVXY).
UVXY Options at a Glance
What's Covered in This Guide
1 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
Key Dates
UVXY is the most actively traded volatility ETF. It spikes during market fear and is used for hedging portfolios against volatility expansion.
2 UVXY Options Market Overview
UVXY options are highly liquid and provide exposure to market volatility. Volume spikes during market stress when VIX rises.
Liquidity Assessment: Very Good
UVXY options liquidity is excellent during high-volatility periods when hedging demand increases.
3 UVXY Volatility Profile
UVXY implied volatility is inherently high as it tracks volatility itself. IV on UVXY represents 'vol of vol' - volatility of volatility.
Earnings Impact
No earnings, but IV rises during market uncertainty, FOMC meetings, and geopolitical events.
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.
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.
4 Common UVXY Options Strategies
These are strategies commonly used by traders on UVXY options, based on typical market characteristics. This is not investment advice.
Buying UVXY calls as portfolio hedge against market volatility spikes. Premium acts as insurance.
Put spreads to profit from UVXY decay during calm markets. Most popular strategy.
Put credit spreads during low-volatility regimes. Profits from contango decay.
Used around major events when volatility direction is uncertain.
Used to express views on volatility regime changes with asymmetric payoffs.
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
Frequently Asked Questions: 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.
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