Exchange Traded Products (ETPs) that track anything using an asset's near-term futures contracts will always have a long-term negative drag on price. As the futures get closer to expiration their time premium diminishes, and the price of the future falls towards the price of the underlying.

This means the price of the ETP is always falling relative to the underlying. This is very apparent in products that seek to create some multiple of daily exposure to the VIX. You can take advantage of this if you have patience (and the time during the day to protect your positions during volatile periods).

Does anyone else on here sell calls on UVXY or other inverse volatility ETFs? It's such a consistent source of revenue for me as long as the VIX futures are in contango, but it doesn't seem like a very popular trade.