TVIX the R/S's don't explain the price. The only purpose of the R/S is to keep the Note trading, it has no effect on the long term price or structure. This is not a stock. I've been trying to tell you it is an Exchange traded Note that tracks the VIX futures. Think about it, who hedges against the VIX and why? Also keep in mind that those traders are trading options which expire the 3rd Wed of every month. TVIX has to roll from the current month to next month options. That's why the daily chart is worthless. It resets every month even though it looks continous.
The norm is when next month options are priced higher than the current month. This is Contango. Contago eats the price on TVIX. And it's done a hellavu Job!!! Backwardation is when current month options are priced higher than next month. This is rare and doesn't usually last long. The VIX was in backwardation when it traded it from $2.50 to $6, It can be a good hedge in that case, but don't count on that happening very often.
Also TVIX is not a 3 X,as someone told you it's a 2 X.
