Tokenized ProShares Ultra VIX Short-Term Futures ETF ($UVXY) Now Available on Solana

Backpack expands its tokenized securities lineup on Solana with the ProShares Ultra VIX Short-Term Futures ETF ($UVXY). Each $UVXY token is tradable 24/7 and redeemable 1:1 for a traditional share of the ProShares Ultra VIX Short-Term Futures ETF (Cboe BZX: UVXY) through Backpack Securities.

Token details

About the ProShares Ultra VIX Short-Term Futures ETF

ProShares Ultra VIX Short-Term Futures ETF (Cboe BZX: UVXY) is a leveraged exchange-traded product sponsored by ProShare Capital Management and issued as a series of ProShares Trust II, a Delaware statutory trust. It seeks daily results, before fees and expenses, equal to one and a half times the daily move in the S&P 500 VIX Short-Term Futures Index, which tracks VIX futures contracts rather than the VIX itself, so ProShares notes the fund can behave very differently from 1.5 times the VIX. It does not pursue that target beyond a single day, and daily rebalancing means longer holding periods can diverge sharply from it.

Moving between $UVXY and traditional UVXY shares

$UVXY and traditional ProShares Ultra VIX Short-Term Futures ETF (Cboe BZX: UVXY) shares are convertible 1:1 through Backpack Exchange. The flow works the same way as depositing or withdrawing a stablecoin.

Withdraw a share of the ProShares Ultra VIX Short-Term Futures ETF from Backpack Exchange to tokenize it into $UVXY on Solana.

Deposit $UVXY from a Solana wallet to Backpack Exchange to convert it back into the underlying UVXY share held in Backpack Securities.

How to trade $UVXY

You can trade Backpack-issued $UVXY on Solana using Backpack Wallet.

$UVXY is also accessible across the Solana ecosystem, including decentralized exchanges, aggregators, wallets, and apps such as Backpack, fomo, Titan, Jupiter, Phantom, Solflare, Raydium, Kamino, and others.

Unlike most tokenized stocks that only track a price, tokenized securities issued by Backpack, including $UVXY, are:

• Redeemable 1:1 for real underlying shares
• Transferable to traditional brokerages