The ProShares Trust Ultra VIX Short Term Futures ETF (UVXY) surged 13.99% to close at $28.77 on December 19, 2024, as the CBOE Volatility Index (VIX) experienced a historic spike amid market turmoil. The VIX, often referred to as Wall Street's "fear gauge," soared 74% on December 18, reaching 27.62, marking its second-largest one-day increase in history. This dramatic rise reflects heightened investor anxiety over market direction, fueled by concerns about inflation, rising interest rates, and geopolitical tensions. The Federal Reserve's recent decision to lower its benchmark interest rate by 25 basis points, while signaling limited future cuts, further unsettled financial markets, contributing to the VIX's surge. Analysts suggest that such spikes in the VIX often signal buying opportunities, as historically, they have been followed by market recoveries. Despite the VIX retreating by 18% on December 19, it remains above its long-term average, indicating continued market volatility.