I would like to construct a bearish trade that would profit maximally if the SPY would fall down to the 80's sometime within the next 1-2 years. I want a trade that would have limited losses, so I want to primarily buy the options. Also, I want it to be the most "efficient" or asymmetric - i.e. invest the smallest amount but have the maximum return if the SPY were to drop into the 80s. Instead of just buying distant OTM leap puts, I thought of doing a vertical spread where for example, I would buy the 80 puts, and sell the 60 puts. This would have the added advantage of minimizing losses from time decay during that time. However, the vertical spread would also minimize any profit on the long puts from rising volatility, which we would likely see during sharp market declines. So my question is, what is the most simple / elegant way to accomplish the above trade, minimize time decay, and be long volatility?