Leveraged ETFs are ONLY short term plays. Never buy and hold. Ever.
This. Especially ones that are supposed to track volatility.
The VIX is a model index that doesn't actually have to roll options in the market so transaction costs aren't included. So not only do you get tracking error and decay from colleteral posting on the leverage side but you also pick up a shite ton of decay from costs to roll options. I honestly would never advise using leveraged volatility ETFs, period.