So, a few things. I've made some money shorting these things, but stay very light given that they could go up many hundred percent at any time. But these things LOVE to drop over time. I mean like on average pretty much a total wipeout yearly (and really more if you replace losses over time by shorting more). BUT, there is the HUGE wipe-out scenario that one has to watch out far. It WILL happen if you are not careful. So. A couple ways to be careful. One is, only short this in an amount that is a very small portion of your portfolio. Second, buy VIX calls that are way out of the money (let's say, at 40 or 45 or something), but that would prevent you getting wiped out in a total wipeout scenario. These are typically very, very cheap given that the wipe-out scenario (VIX spiking to 80 or something) happens so infrequently. Buy them for the next coming expiration period, and probably the one after that. So that way if the VIX does go through the roof, if only for a temporary, instantaneous period, you will be covered. You'll have to buy enough to make sure you are covered GIVEN THE GROWTH IN YOUR SHORT POSITION THAT WILL OCCUR. Thus, if the VIX is at $20, you have $100,000, and you buy a 45 call, you'd have to buy enough to fully offset $225,000 of VIX, because that is what your UVXY has done (I know it is supposed to be 2x, but it really moves more like 1x based on the studying I've done of it). So you have the hedges in place. I believe the "drag" on the UVYX/TVIX is like in the order of 15% monthly (please let me know if this is off). So, on average this would be $15,000 per month on a $100,000 short. I suspect the hedges above would cost only a small part of this, but let's call it $5,000 on average per month. That leaves you with $10,000 per month. $120,000 per year off a $105,000 investment we'll call it, with (hopefully) your wipeout scenario avoided. Thoughts? Thanks!