Each year I put on an annual trade to short 2 different ETF pairs: $TNA / $TZA and $FAS / $FAZ. The thesis behind the trade is a simple play on decay but requires a strategy to own Puts and then make weekly/monthly option sales/buys to lower cost basis on each piece.
For 2012, here is the price decay information on each pair:
$TNA / $TZA had a price decay of $8.08 as a pair for 2012. Based on a $50K position size for each, here is the price performance (does not take into account any particular trade, just pure price change):
For 2013, I have once gain put the short pairs trade on for each by owning longer dated Puts. I will continue with the same process of selling/buying options to lower the cost basis throughout the year.