In order to use options effectively, we need to understand the basics. If we expect the Exchange traded fund to strengthen, we can buy shares or, as an alternative, we can buy a call option that gives us the right to own those shares at a specific price, for a specific time. Conversely, if we expect the ETF to weaken, we can Sell short the shares, or we can buy a put option that gives us the right to sell the those shares at a specific price and for a specific time