---
title: "The broader market is skidding, but this index is quietly rising?"
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/41674545.md"
description: "Last night, after the Iran news broke, the Nasdaq 100 plunged 3% intraday, and the watchlist page was a sea of red. However, $2x Long VIX Futures ETF(UVIX.US) surged from just over $4 to $4.65 in one go intraday, rising as much as 16%, with over 87 million shares traded for the day; in pre-market trading today, it's up another 6% to $4.38. A quick explainer for newbies: VIX is the fear index, a measure of "market nervousness" calculated from S&P 500 option prices—the more panicked the market, the higher it spikes. So here's the question: VIX is an index..."
datetime: "2026-06-10T11:10:25.000Z"
locales:
  - [en](https://longbridge.com/en/topics/41674545.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/41674545.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/41674545.md)
author: "[沪上老徐](https://longbridge.com/en/profiles/26419342.md)"
---

# The broader market is skidding, but this index is quietly rising?

Last night, after the Iran news broke, the Nasdaq 100 plunged 3% intraday, and the watchlist page was a sea of red. However, $2x Long VIX Futures ETF(UVIX.US) surged from just over $4 to $4.65 in one go intraday, gaining up to 16%, with over 87 million shares traded for the day. In pre-market trading today, it rose another 6% to $4.38.

For the newbies: VIX is the fear gauge, a measure of "market nervousness" calculated from S&P 500 option prices—the more panicked the market, the higher it goes. Here's the problem: VIX is an index; you can't buy it directly. So Wall Street created a bunch of ETFs/ETNs that track VIX futures, forming a "fear family bucket":

$iPath Series B S&P 500 VIX Short-Term Futures ETN(VXX.US), the oldest, closed at $25.17 yesterday, up 1.7%;

$Pro Vix Shrt Fut(VIXY.US), the 1x ETF version, $24.27;

$Pro Ultr Cvix Shrt Futures(UVXY.US), 1.5x, $30.54, up 2.3%;

$2x Long VIX Futures ETF(UVIX.US), the most powerful one in the family, which is why it could spike 16% intraday last night;

And there's the negative 1x+ $-1x Short VIX Futures ETF(SVIX.US), betting on a calm market, which naturally fell 1.5% yesterday.

Sounds great, right—it goes up when the market falls, why not hold some? This brings us to the biggest pitfall of these products: roll yield decay. These ETFs buy VIX futures, and far-month futures are usually more expensive than near-month ones (jargon: contango). Each time they roll over at expiration, it's like "buying high and selling low." In other words, on calm market days, they pay "insurance premiums" every month, slowly grinding down the net asset value, and the higher the leverage, the faster the grind. So the long-term chart of UVIX is basically a downward slope, with reverse splits every now and then to stay alive—it's like a fire extinguisher slowly leaking air while hanging on the wall, but you can't expect to get rich hoarding fire extinguishers.

So when is it useful? Only for short-term trades during the "possible fire" window. Right now is a textbook window: Oracle earnings tonight (options pricing ±12% volatility), SpaceX's largest-ever IPO sucking up all liquidity on Friday, Micron earnings on 6/24 (pricing ±20%), and the Middle East sword still hanging. If you're fully invested in tech stocks and reluctant to sell, allocating 1%-3% of your portfolio to VXX or UVIX as insurance is much more dignified than panic selling.

In summary, tools like UVIX shouldn't be in your account 90% of the time. The remaining 10% of the time, you'll thank yourself for knowing it—this week, with earnings season, a giant IPO, and geopolitical tensions coinciding, is part of that 10%.

But remember, it's a fire extinguisher, not an investment product: the moment you buy it, you should already think about when to throw it away. Holding it overnight for more than two weeks basically means you're working for the roll yield decay.

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## Comments (1)

- **股市疯人院 · 2026-06-10T14:23:17.000Z**: Still rising, it has already hit a new low for the year