Pull up the charts on all of these 3x / 2x ETN's (TVIX, UGAZ, etc). They all R/S. It's the nature of the way they depreciate over time. You will never win if you treat these as long term investments. You can make money if you know how to time them. I obviously do not (lost lots over the years) and steer clear of them. Every one of them will R/S over time.
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