ProShares Ultra VIX Short-Term Futures ETF (UVXY) provides 1.5x leveraged daily investment results, before fees and expenses, that correspond to the S&P 500 VIX Short-Term Futures Index, which measures the returns of a portfolio of monthly VIX futures contracts with a weighted average maturity of one month; the fund holds positions primarily in the first- and second-month CBOE VIX futures contracts, rolling daily from front-month into second-month contracts, and is structured as a commodity pool that generates Schedule K-1 tax forms rather than being regulated under the Investment Company Act of 1940. UVXY, issued by ProShares—a provider of leveraged and inverse ETFs headquartered in Bethesda, Maryland, and launched on October 3, 2011—targets short-term traders seeking amplified exposure to S&P 500 volatility expectations without direct investment in the non-investable VIX index itself; it trades on U.S. exchanges with options available and carries an expense ratio of 0.95%. In recent major changes, UVXY implemented a 1-for-5 reverse share split effective November 20, 2025, following a similar split in April 2024, to maintain compliance with exchange listing standards amid its structural share price decay; ProShares, meanwhile, launched a suite of groundbreaking Dynamic Buffer ETFs in June 2025 offering volatility-adjusted downside protection and upside caps on indices like the S&P 500, and announced forward and reverse splits across 22 ETFs including UVXY in November 2025. The fund operates globally through U.S.-listed shares accessible to retail and institutional investors focused on volatility hedging or speculation, with ProShare Advisors LLC as investment advisor and SEI Investments Distribution Co. as distributor; it cautions investors on risks from daily resets, contango in VIX futures rolling costs, high volatility, and unsuitability for long-term holding beyond one day.