Big spikes help alot and I'll always love it when I see it, but there's capped upside to the fund when you blow through the weekly contracts and can't get them sold before busting. If you could go up to the edge of the lowest contract's strike price and sell out of the money on Friday afternoon, that's a great week. On days when there's a small loss or underlying is flat, you usually do a small percentage better as the time premium kicks in on the time decay of the contracts. If the underlying shoots up and has a 8-10% day, I'll take that as well but you get diminishing returns. It makes more sense to view the investment like a weekly football game that you already sunk your money into, and after 4 weeks you calculate your net results.
If the funds live long enough, you will make house money. Some will be a long wait, some may do it in under a year. TSLY has been a wild ride that I'm glad I'm not on, but I'm also in on CONY which is their fund that has a Coinbase underlying and it's been maddening.