The main alternatives are: 1. buy SVXY or long-dated deep ITM SVXY calls; 2.  buy long-dated ATM or ITM VXX puts (UVXY does not appear to have puts). Do a search on Seeking Alpha using "SVXY strategy," there's a good article on it by user "macro investor" or something like that.

For a somewhat less risky, but much lower return strategy, do a covered call (buy-write)(near month) on SVXY w/ the call perhaps just OTM. If you get called away, rinse and repeat.

I've been buying a little svxy on recent minor pullbacks. As long as the futures are in contango (see macro's article), it works very well. Because UVXY degrades so dramatically, SVXY has been going up while the market has just sat over the last week. But dyodd, and watch your position size. You can hedge with VIX calls if you wish (not VXX calls!). I have been wanting to back test buying SVXY when Matt's Spy Pro goes long. I've made more $ trading SVXY in the last month than I have trading anything else in the last year. But I'm a lousy trader, and I have a very small IRA, so we're not talking about a lot of absolute risk. Another strategy would be: as you reach 100 sh of SVXY (by adding to your position on pullbacks), look to sell a call against it (near month) when the market is really overbought or after a big up-move. You may get called away, but you'll collect the credit, and if it pulls back you get some downside protection as the call drops in value.