Been there. Done that. Never trade these Volatility ETNs long. All they do is lose value and reverse split every few months. It should only be traded short when there is a spike. Check the high of TVIX (https://www.tradingview.com/chart/TVIX/MBlD7cZG-TVIX/) in 2011 after the reverse splits. If you want to trade volatility, look into shorting VX futures when they are in the 20s.

https://sixfigureinvesting.com/2013/08/tvix-reverse-split/

https://sixfigureinvesting.com/2016/10/is-shorting-uvxy-tvix-vxx-the-perfect-trade/

NewBird 

No plan. Is TVIX melting now? With good news on SPY, it seems no chance to come back up.

Still interested in how to determine if TVIX is melting... still don't understand the technique you said below.

suko 

Keep the position size to less than 20% of your portfolio, and peel off some as we get into the higher vol zones. Keep your eye on the term structure of VIX futures at Vixcentral.com. As long as the front end of the curve is flat or in backwardation like today, with negative contango, then TVIX does not decay, so you can hold it. The minute it snaps back into contango, TVIX starts melting again fast. Read up on this at Six Figure Investing. Know your product! TVIX is one of the most difficult and notorious products on the boards, so you absolutely must roll up your sleeves and learn it.

TVIX melts, to grossly oversimplify, when VIX futures curve is in contango.

Look at the contango numbers at vixcentral.com

When the contago% number in the chart between 1 and 2 is positive, TVIX melts.
Right now it is over 9% so there is a terrific melt happening, I suppose a dollar a week or so.

If that number is negative, that's backwardation, and TVIX will increase in price.

Right now, with VIX at 52 and M1 futures at 50, contango is -17%, in other words very steep backwardation.

In these conditions VXX, TVIX and UVXY all gain in NAV at a terrific rate, even if the market does nothing.

Bear in mind that VXX is what you want to be trading and not TVIX or UVXY.

The reason is that as liquidity leaves the other products in the market it heads into SPY and VXX, and
particularly VXX.

So VXX is much more liquid than TVIX or UVXY. The spreads on the options are much narrower, and execution is better
when the market gets fast.

Unfortunately, I got rid of it long time ago, with quite some losses. Otherwise I would have become super rich now.

Another question: UPRO is melting now. Is it possible that one day it can be delisted and one may lose the chance of earning back even when SPY rebounds in the future?

IMPORTANT WARNING TO TVIX LONGS FROM JAY WOLBERG:

"At this time the long vol complex has grown dangerously large ($10B in assets) and poses a disruption risk. Due to how these ETPs are structured and the elevated levels of front month VIX futures, there is a risk of TVIX dropping 80% in a day and triggering fund termination (similar to what happened with XIV). UVXY and VXX would still exist but would take large single day losses. Please consider rolling out of TVIX into VXX and/or setting stop loss limits in VXX (perhaps near -10% or -15% from current levels)."

I am not concerned about TVIX anymore, as I already got rid of it before.

Now I am concerned about UPRO. It is melting now. Is it possible that it can be delisted one day and I will lose all the chances of rebound even if later SPY rebound ?

UPRO's prospectus says:

Principal Risks
An investor in the Fund could potentially lose the full principal value of his/her investment within a single day.

•Risks Associated with the Use of Derivatives — Investing in derivatives may be considered aggressive and may expose the Fund to greater risks and may result in larger losses or smaller gains than investing directly in the reference asset(s) underlying those derivatives. These risks include counterparty risk, liquidity risk and increased correlation risk. When the Fund uses derivatives, there may be imperfect correlation between the value of the reference asset(s) underlying the derivative (e.g., the securities in the Index) and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives also may expose the Fund to losses in excess of those amounts initially invested. The Fund may use a combination of swaps on the Index and swaps on an ETF that is designed to track the performance of the Index. The performance of an ETF may not track the performance of the Index due to embedded costs and other factors. Thus, to the extent the Fund invests in swaps that use an ETF as the reference asset, the Fund may be subject to greater correlation risk and may not achieve as high a degree of correlation with the Index as it would if the Fund only used swaps on the Index. Moreover, with respect to the use of swap agreements, if the Index has a dramatic intraday move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve the desired exposure consistent with the Fund’s investment objective. This, in turn, may prevent the Fund from achieving its investment objective, even if the Index reverses all or a portion of its intraday move by the end of the day. As a result, the value of an investment in the Fund may change quickly and without warning. Any costs associated with using derivatives will also have the effect of lowering the Fund’s return.

All of these franken product ETFs have such clauses and such risks.

Should I get rid of UPRO now, even though great loss?

Follow your trading plan.