the IYR short has triggered as of this morning.  there are several leveraged etf’s to use as a proxy for any IYR short but keep in mind that these are prone to considerable price decay, especially in choppy, sideways markets.  my belief is that once the correction finally begins, that it will be a very fast move lower with very little counter-trend bounces but that’s just my guess.  if the IYR trade does pan out with the market experiencing an near vertical drop, then the leverage etf’s should track the move well.  SRS is the 2x short REIT sector etf while DRV is the 3x short REIT etf.  one other strategy is shorting the 3x long etf, DRN, in order to take advantage of both the price drop as well as the decay (less the cost of borrowing the shares to short, which is negligible with most brokers in this ZIRP world that burnanke has created).