I have strong bearish sentiment on many eft's and would like to choose a strategy between shorting the stocks or buying puts. The issues with put buying are twofold: 1. The volatility, therefore the premium, is unusually high. Right now the VIX is 35. Options look expensive, more so with levered etfs. 2. The selection of strikes and maturity terms. I know the lower the strike, the higher the leverage. The inverse etfs have higher volatility above the money. Right now the near term options, JUNE, have high volatility. With ATM puts, the delta is roughly 50. So one contract is equivalent to 50 shares. I figure the maximum premium must be less than half the spot price -- otherwise shorting the stock is clearly advantageous. If IV is 1.0, a 1.5 year leap ATM put at 0.5Spot sounds like an OK deal. But I can't figure out how to quantitatively pick the strike and the term. Any thoughts?