And here is the double VIX TVIX. A lot of money has been lost on those betting on a selloff with extreme leverage. Those that buy these extremely leveraged markets are playing with fire and invariably lose. Notice in Dec at the bottom of the chart it shows 1-10. And even then it's only worth five bucks still. This means price has fallen to the point where it is almost worthless so they give you 1 share for every 10 you held to avoid it falling to zero. (A reverse split) As much as it has been tempting at times I haven't bought this and likely never will. Highly leveraged markets can be hazardous to your trading account. But at this price I guess a person could look at it like buying an option too. As far as it serving as portfolio insurance I would think a single VIX type ETF would be better with less erosion. The idea is protection not profit with insurance. Or buy put options that can be sold at a profit on a selloff or on dips if you're still bullish the market you're in. They can bring income in along the way as well. Or just held to cover portfolio losses if you insist on holding the markets you're in. I don't hold markets but just trade them so don't get into that type of insurance. My portfolio is cash and I prefer that. There are long term Options as well such as LEAPS Options that might be the best protection for long term holds using Puts.