ProShares Short VIX Short Term Futures ETF (SVXY)

[Marketwise]

37, I think you now have a clearer understanding with respect to your original question. The premium for ALL options (including ETF options) is worked into the price of the options contract. My apologies for any confusion in the matter. The reasons for my advice to always play the long side of any options trade should be obvious, I think, to any sound minded trader (which it appears that you are) with a basic understanding of the options market....:)