VelocityShares Credit Suisse 3X Long Crude ETN (UWTIF)

[G3TCRUNK3R]

Please forgive me for not knowing all the INs and OUTs of holding an ETN such as this one.
Answer a quick question for me,
I've read a lot about contago and decay and futures and the possibility of a RS and most of all that makes sense to me, so I guess my question surrounds the risk of simply holding UWTI as opposed to say a $USO to hold in oil on the hope of a rebound to $40 a barrel.
Is it possible that holding in UWTI at a starting point of anywhere between 1.40-1.60 is risky thing to do for some reason I haven't figured out? all I'm wanting is for oil to rebound to 40 a barrel and uwti to hit $2.00.. is there anything besides just the cost of a barrel standing in between my current holding position and that happening?

IF SO.. I'll just get out now and get into $USO instead.

Thanks in advance for responses.