🔴 Volatility ETF (UVIX) is trading 2.7% down as VIX futures contango weighs on long exposure

UVIX is trading at $35.81, down 2.70%, as easing volatility and contango pressured its long VIX-futures exposure.

• The VIX fell 7.75% to 18.44 as chip shares rebounded.
• Renewed AI-financing concerns and weakness in AI-linked shares persisted, but volatility eased and futures stayed in contango, a headwind for the ETF.
• UVIX seeks twice the daily performance of a long VIX futures index, so falling futures-linked volatility aligns with its decline.