I know that UVXY and TVIX lose their arse like 70%+ percent of the time because of contango, the remainder they tend to increase because of backwardation. So has there been backtesting done where you keep selling the next S&P (or similar) future coming due whenever there is contango, and as soon as there is backwardation, you immediately stop? Then start again when contango returns? That might actually be the exact wrong thing to do - taking you out of the market when it has already plummeted. Maybe some variation of the opposite of this as well - start selling in abandon once backwardation happens - or maybe X number of days or months after it first happens to try and miss the bear markets but catch the swings back. Thanks for any thoughts!