ProShares UltraShort S&P500 ETF (SDS) trades an average of 21.3 million shares per day. I am not a big fan of ETFs in general (other than a few key select ones), and my desire to hold a leveraged ETF overnight is right up there with having the power go off in my office during the last hour of trading on option expiration day. Because of the way leveraged ETFs work, the best way to trade them overnight is through options. I would not consider a stock trade here. I like the July $16 strike put options for 28 cents or more with a profit target of 20 cents. This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.