Any guesses on how much this ETF decays in a week? even if vix was unchanged for a week..,
Take the second month future and divide by the front end month future.
This tells you the contango for the month.
Multipy by two since this trades at 2X the changes in the futures and this tells you the monthly contango effect.
Divide by 4 for weekly contango.
Here are the calculations:
January futures $14.14
February futures $15.98
One month contango= $15.98/ $14.14= 13%
UVXY trades at 2X this level, so one month on UVXY would be 26%
Weekly affect would be about 6.5%