US-listed · CBOE · FIF-eligible (above NZ$50K)
ProShares UVXY ProShares Ultra VIX Short-Term Futures ETF
Designed to deliver 1.5× the daily return of the S&P 500 VIX Short-Term Futures Index. Combines contango decay with leverage decay; among the most decay-prone ETFs available.
Updated Reviewed quarterly
UVXY combines contango decay (from rolling VIX futures) AND leverage decay (from daily 1.5× rebalance) — among the most decay-prone ETFs available. ProShares has executed multiple reverse splits since 2011 launch (cumulative ~1-for-2,500). A $100 position at launch is worth a few cents today. Designed strictly for tactical single-day directional bets on rising volatility. Holding for periods longer than 1-2 days compounds two structural decay mechanisms simultaneously. Read our full volatility-ETF risk explainer at /learn/volatility-etfs-risk-nz/ before considering this fund.
About this fund
What is UVXY?
UVXY is the US-listed ticker for ProShares Ultra VIX Short-Term Futures ETF, issued by ProShares. Designed to deliver 1.5× the daily return of the S&P 500 VIX Short-Term Futures Index. Combines contango decay with leverage decay; among the most decay-prone ETFs available. TER is 0.95% per year.
How to buy
Where can I buy UVXY from New Zealand?
Hatch NZ-built. US$3 flat per trade, ~0.5% FX.
Stake Commission-free US shares; ~0.7% FX.
Sharesies NZ + AU + US in one account; tiered subscription pricing.
Interactive Brokers Tiered commissions; FX margin ~0.002% (lowest published of platforms reviewed).
See the full platform comparison for fees, minimums, and supported markets across all 11 NZ-accessible brokers.
NZ tax
How is UVXY taxed for NZ investors?
UVXY is US-listed, so it sits in the Foreign Investment Fund (FIF) regime once your overseas-share holdings exceed NZ$50,000 cost basis. Below that threshold, the FIF regime does not apply and you pay tax on dividends only.
Above NZ$50K cost basis, most NZ retail investors use the Fair Dividend Rate (FDR) method — deemed income = 5% × opening market value × your marginal tax rate. FDR vs CV method →
Tax outcomes depend on your portfolio size, marginal rate, and FDR-vs-CV election. See PIE vs FIF for the full comparison and consult a registered NZ tax adviser for personalised guidance.
FAQ
Common questions about UVXY
What is the UVXY ETF? ⌄
UVXY is the ProShares Ultra VIX Short-Term Futures ETF — designed to deliver 1.5× the daily return of the S&P 500 VIX Short-Term Futures Index. It combines VIX-futures exposure (subject to contango decay) with daily-reset leverage (subject to volatility decay). TER is 0.95%. Among the most decay-prone ETFs available; designed strictly for tactical daily-cycle trading.
UVXY vs VIXY — what's the difference? ⌄
Both track VIX short-term futures. VIXY is unleveraged (1× exposure); UVXY is 1.5× daily leveraged. UVXY suffers BOTH contango decay (from rolling VIX futures) AND leverage decay (from daily rebalance). Combined decay is severe — UVXY has had multiple reverse splits since 2011 launch, with a cumulative split factor of approximately 1-for-2,500. A $100 position at launch is worth a few cents today.
Can NZ residents buy UVXY? ⌄
Yes. UVXY is available via Hatch, Stake, Sharesies (US market), and Interactive Brokers. Above NZ$50,000 cost basis FIF rules apply. Holding UVXY long-term combines structural value erosion + leverage decay + FDR-floor tax (5% × MV × marginal rate regardless of fund performance). The combined after-tax return profile for NZ buy-and-hold investors is among the worst available.
What use case does UVXY fit? ⌄
Even narrower than VIXY. UVXY is a single-day directional bet on rising volatility, used by sophisticated traders who can monitor positions intra-day. Holding UVXY for periods longer than 1-2 days exposes the position to compounded contango decay AND leverage decay simultaneously. ETFs.co.nz publishes UVXY reference data factually but strongly does not recommend it for any holding period longer than a single trading session.
Related ETFs and resources
Volatility ETFs — risk explainer (READ FIRST)
Why UVXY combines two structural decay mechanisms.
VIXY — 1× VIX short-term futures (sibling)
Unleveraged VIX-futures alternative; less decay but same contango drag.
Leveraged ETFs — separate risk explainer
For equity-leveraged products like TQQQ / SOXL / UPRO.
VOO — Vanguard S&P 500 (the underlying)
The S&P 500 — the underlying that VIX measures volatility on.
FIF tax explained
Why FIF + double-decay = the worst-case after-tax profile.