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Avoid Options on Inverse Index ETFs

Reader S. V. raises an interesting question:

I am working on scenarios to trade the contra-ultra indexes like SDS to take advantage of either a combo spread (selling puts and buying call) or another method to take advantage of price movements while reducing risk. Any thoughts?

Stock Symbol: SDS PT ULTRSHRT SP500 Stock Price: $84.34 Todays Change: +7.23 (+9.38%)