For purposes of this play, however, you need not fret about the long term effects of "inverse contango" and "backwardation" -- all you need to really know is that as declines, SVXY rises.
At this point in time, we're at a fairly significant low in SVXY , and I'm betting on contracting somewhat over the next 40 days or so such that SVXY finishes clear of my 35 short put strike at expiration or at a price that allows me to take the trade off for 50% max profit prior at some point between now and then:
Feb 26th 30/35 short put vertical
Probability of Profit %: 55%
Max Profit: $201/contract
Buying Power Effect: $299/contract
Break Even: $32.99
Naturally, if does not contract such that price moves above my short strike, I'll roll the setup for duration and credit.