The CBOE Volatility Index ("VIX") typically increases during periods of market crises and periods when U.S. stock prices fall. A long position in VIX futures realizes gains when the VIX rises and realizes losses when the VIX falls. Based on this information, what would you expect to be true about a long position in a VIX futures contracts?

Long positions will tend to make losses over time.

Long positions will tend to make profits over time.

Long positions will make losses sometimes and make profits sometimes, but on average will break even.