Golf, are you kidding me? You are wayyy paranoid. No way UVXY hits $95 by Sept expiry. In fact, it won't even in the $60s. UVXY has a decaying factor, i.e. UVXY hit $49.50 on July 9 when the S&P was trading at 2,051. If there were no decaying factor, UVXY should be in the $70s by now. What I'm saying is that the DOW probably has to lose another 1,500 points for UVXY to hit the upper $60s which is still WAY below your strike price. I actually sold 10 calls at 65 strike and I'm not even worried. Why don't you 20 PUT at $30 strike price and collect $7300 to hedge a bit. If it does go back down, you're safe with UVXY in the upper $20s due to poor market condition. If it continues to run up, then at least you have that $7,300 to buffer a bit as it continues to rally. My bet come Sept expiry, UVXY will settle in this range: $35-$55.