ProShares Trust Ultra VIX Short Term Futures ETF (UVXY)

[Porgie Tirebiter]

There's no limit. There's no dilution either as shares do not represent equity in anything. http://www.proshares.com/media/fact_sheet/ProSharesFactSheetUVXY.pdf

Note that the daily return is a zero sum game. You can see it in the chart on the lower right of the first page. The problem lies in the daily resets. All leveraged ETFs (just like the derivatives they are built on) suffer from time decay. And it's the shareholders who pay that, not ProShares.

The inverse leveraged ETFs suffer more from decay than their bull counterparts. But with UVXY and SVXY, the difference is really pronounced!