Always 100% in UVIX, a 2x leveraged fund tied to VIX futures (the stock market’s “fear” gauge). Seeks gains during volatility spikes; typically loses value in calm markets. Extremely high risk and generally not suited for long-term holding.

Holds one fund: UVIX. UVIX aims to deliver about 2x the daily move of VIX futures—the market’s “fear gauge” linked to S&P 500 options. The portfolio is always 100% in UVIX and rebalances daily. It can jump during market panics but usually loses value in calm markets.

Out-of-sample, 100% UVIX shows negative returns and extreme drawdowns, far below the S&P 500. Not a core holding—only a tiny, tactical tail-risk tool for rare crisis spikes in a diversified portfolio.