ProShares Trust Ultra VIX Short Term Futures ETF (UVXY)

[T-R1]

No, you can't assume just because contango is that deep VIX gotta spike soon.
If history is a lesson, this is the WORST time to hold UVXY. There might be a spike in volatility but since contango is that deep, that spike won't take it to backwardation (preferable place for long UVXY)