Do you understand contango and beta decay? It doesn't matter how low oil goes. These 2 factors will make a UWTI short profitable at some point. It may take a few months but these ETNs ALWAYS gravitate towards zero. Look at the performance of UGAZ since 2014.
The ETN will decay due to contango in the oil market which is 8% from front month to back month contracts. That translates to 24% decay factor for UWTI in one month. Add in beta decay and over the course of a couple months this goes down.
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