🔴 Volatility ETF (UVXY) is trading 2.18% down in pre-market as VIX falls and protection demand weakens

UVXY is trading at $17.70, down 2.18%, as the VIX fell 5.45% Monday and near-term protection demand weakened.

• Renewed US-Iran diplomacy and easing oil-related risk concerns supported a broader risk-on mood; US index futures were higher in the supplied market context.
• Investors were also positioning ahead of Wednesday’s Fed decision, with Tuesday’s durable-goods and consumer-confidence releases still ahead.