In the final Volatility Views of 2025, host Mark Longo is joined by Russell Rhoads (Dr. VIX) and Michael Listman (UVXY Trader) to dissect a wild year in the markets. From the "Santa Claus Rally" to the crushing of the VIX, we break down what traders need to know heading into 2026.

In This Episode:

• Volatility Review: A look at the S&P 500 hitting all-time highs and the recent "volatility execution." Why did the Santa Rally take so long to arrive?

• UVXY Deep Dive: Michael Listman breaks down the UVXY reverse split mechanics. We discuss why liquidity is the best argument for UVXY and how to manage the "beta slippage" game.

• The Pairs Trade: Exploring the strategy of pairing UVXY vs. SVXY (or SVIX) to capture slippage while managing directional exposure.

• VIX Term Structure: Why the current curve is "steep" and what a 5-point premium in February futures says about 2026 market expectations.

• VIX Options Flow: Analyzing the "Jan 17 Puts" and the mysterious ongoing activity in the VIX 200 strike puts.

• The Crystal Ball: The team places their final VIX cash predictions for the first week of January 2026.

Key Discussion Points:

• The "VIX Wizard": Why volatility arrives precisely when it means to (and how to monetize puts before they expire).

• Reverse Split Strategies: Does a 1-for-5 or 1-for-10 split actually change the trade?

• The "Weekend Trade": Russell's strategy for holding UVIX/UVXY over the weekend to catch volatility events.

Resources & Links:

• Russell Rhoads (Dr. VIX): Follow him on X/Twitter @RussellRhoads .

• Michael Listman: Follow him on X @UVXYTrader or visit UVXY.pro .

• Options Insider Pro: Get the Pro Trading Crate and join the Vol Death Match at TheOptionsInsider.com/Pro .

• TastyTrade: Check out advanced tools for options and futures at TastyTrade.com/podcasts .