Legit question to members who know the intricate operations of ULTY

Lets unpack it, how would ULTY behave in case of a Black Swan event? We know that with a covered call the holder of the underlying would have instant deep losses on the underlying which would only partially off set by the premium collected. There would be such chaos that one could not even enter liquidating orders.

I most of the time have on far out of the money bull put spread on SPY leaps and outright long position in VXX like I have now so I would benefit from a quick waterfall drop in the market. Does the fund have these kind of protective positions?