Given this I think your choice is outright selling SPY or options on SPY or the emini. mutual funds may not be as nimble as you need. cheers
just short the UPRO, its 3x with plenty of liquidity.... It's what i use mostly. spxu is the ultra short, i dont use that so i am not familar with liquidity. SSO is 2x long... SDS is 2x short..