Trading volume in the ETN has exploded this month and the exchange traded product has grown rapidly in size.

TVIX and UVXY are both designed to deliver daily 200% leverage on an index of short-term VIX futures.

TVIX was first to market, listing in November 2010, and is much larger in terms of assets under management with $613.3 million versus $23.4 million for UVXY, according to Morningstar.

Volatility-linked ETFs can be used to help manage risk in stock portfolios or trade market trends and volatility.

ProShares Ultra VIX Short-Term Futures ETF