Mixed options sentiment in ProShares Ultra VIX Short Term Futures with the ETF down 6.76%

Mixed options sentiment in ProShares Ultra VIX Short Term Futures (UVXY), with the ETF down $4.44 near $61.21. Options volume relatively light with 69k contracts traded and calls leading puts for a put/call ratio of 0.44, compared to a typical level near 0.36. Implied volatility (IV30) dropped 22.33 near 120.88,in the top quartile of the past year, suggesting an expected daily move of $4.66. Put-call skew flattened, suggesting a modestly bullish tone.