UVXY sold more and made dramatically less. Revenue rose 57.1% to $49.7 million in the three months ended June 30, 2026, but net income swung from $171.2 million to a $1.2 billion loss.
That pushed net margin from 541.5% to negative 2,420.3%. For a fund built around short-term volatility exposure, the revenue line is the easy number to quote. The bottom line is where the trading actually showed up.
The detailed income tables point to large realized and unrealized moves, not a normal sales-and-cost story. One table reported $145.5 million of net realized gains against a $187.9 million change in net unrealized appreciation, producing a $39.7 million loss for that table's three-month period.
The company attributed that result to the underlying commodity move:
"The Fund’s net income increased for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, primarily due to a lesser decrease in the value of WTI Crude Oil during the three months ended June 30, 2026."
10-Q, Aug. 7, 2026
The plain-English comparison is more nuanced than the revenue growth: a smaller decline in WTI helped relative to the prior year, but unrealized depreciation still outweighed realized gains in the table.
A second table shows how quickly the arithmetic can reverse. Net income fell to $28.7 million from $207.9 million, with realized gains dropping to $69.5 million from $124.6 million and unrealized appreciation turning into a $41.5 million decline.
Management tied that change to Henry Hub natural gas and shareholder activity:
"The Fund’s net income decreased for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, primarily due to a lesser decrease in the value of Henry Hub Natural Gas, in conjunction with the timing of shareholder activity, during the three months ended June 30, 2026."
10-Q, Aug. 7, 2026
That sentence captures the central tension. A less dramatic move in the underlying asset can produce a worse result for a fund whose exposure is designed around short-term futures movements. Revenue growth does not smooth that exposure; it sits next to it.
The pattern is not confined to this report. Across five filings, energy and commodity prices have produced repeated adverse evidence, and the company's annual filing for 2025 also attributed improved income to a lesser decrease in Henry Hub natural gas. The driver is recurring, while the direction changes with the underlying market.
Shares closed at $21.52 on Aug. 6, down 2.4% that day, after closing at $24.27 on July 30. That price sequence is market context, not an explanation of the filing. The next 10-Q's realized and unrealized gain or loss lines will provide the cleanest comparison for whether this quarter's split between revenue and fund performance has narrowed or widened.
UVXY's latest three-month filing puts revenue growth beside a loss shaped by realized and unrealized market moves.