I am sure this has been discussed before but after doing a quick search I couldn't find anything. Couldn't you just purchase LEAP puts, 2-3 years out, on a bear and bull 3X leveraged etfs, like faz and fas, to profit from price decay . I mean over a long period of time, say 2 or 3 years, decay should show a substantial profit on both etfs and with the leveraging aspect of options the profit should be more than worthwhile. Also, If say the market crashes again and the bear etf increases by 1000% or whatever, the most you can lose is everything you invested with that put as opposed to with shorting, where you can lose a lot more than you invested. Also in that circumstance the profits from the bull etf should match the losses in the bear etf. It just seems too obvious. Most everybody knows these things decay like crazy over time. I know there are no free lunches. I am probably missing something. Maybe the time decay in the options would match or exceed the etf price decay??