As I only have been following the VIXY for the past 2 weeks, I believe it will obviously indicate a multitude of factors, all of which include:
- financial stability
- virus impact
- speculation
I would love to hear inputs from others on what might be happening, as I believe that this ETF will not trade under the 30s for sometime, and will fluctuate based on the VIX range of 40 - 70 (unless additional crisis factors arise).