UVXY and UVIX and other leveraged instruments have decay built into the share price. So not ideal for a LT hold. You can sell cons against your shares in the mean time perhaps. I used to play VIX index a lot but I would recommend going a minimum of 30+ days expiry. Also buying ITM or ATM looking to move ITM typically proves a better option if holding into expiration because they are worthless OTM. The spreads can get pretty wide so I always set a limit for bid or mid fill otherwise your underwater immediately. Sub 12 VIX is extremely low but we could melt up or down here for some time. I would stick with VIX and UVXY as they have the best liquidity. One speed bump (or fed or geopolitical) could send it up but you gotta spend the $ to go far enough out for that to possibly happen.