&quot;I&#x27;ve got put options on SPY as well as a portfolio hedge. They lose value every day (theta or the premium you pay for time) and if the S&amp;P goes up puts lose value so fast it would make your head spin&quot;<p>I wonder if you would compare&#x2F;contrast with short selling UPRO ?<p>That is, short selling the triple-long S&amp;P 500 ETF.<p>The thinking here is that a long ETF (especially a triple long one) loses value every single day[1] due to the natural decay of long ETFs ...<p>So in a flat market, your short position is positive, and in down markets it is very positive.  Further, it&#x27;s not an option - you&#x27;re simply short an ETF - so you can hold it through a market rally if you wanted to.<p>I have never employed this hedge, but it interests me.<p>[1] except for up-market days, of course ...