I usually flip UVXY, it's optionable and it's an ETF vs ETN, but I would never use it for protection. If I'm buying UXVY, I'm already out of my longs. Some funds can't do that, but I'm not a fund. It all depends on timing of VIX futures and the VIX curve. Just being in a bear market isn't enough to bet on the VIX. Betting on the VIX is betting on volatility regardless of whether it's in a bull or bear market. If you look at some of the older posts on the UVXY board, there is a poster named DrContango I belive who explains the math behind it.
As far as a Bear market, protection makes me think you are looking for something to hold to hedge your longs. The Bear index funds are meant for that. You can search Bear ETF's to look for a fund that would be a hedge against your longs.
