This weighted average is similar to the SPVIXSTR index that UVXY and several other funds track. When the average is below the , the indicator is negative, and the front month contract will tend to gain value relatively more rapidly than the back month as it converges upward to the spot price. Because funds whose NAV is tied up in VX contracts continuously roll from the (typically cheaper) front month to the back, in situations where the front month is more expensive than usual--or even more expensive than the back month--these products may have a "tailwind". In this case, they are selling expensive front month contracts to purchase cheap back month contracts.
Ordinarily, funds have a "headwind." The roll yield is positive, the front month is cheap, and the back month is expensive. Day by day the funds sell cheap front month contracts and buy expensive back month contracts, which, in turn and over time, become the front month and converge with the , losing value rapidly. This is a brief explanation about the decay of these products.
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