I wouldn't select an actively managed fund like inverse ETFs based on their strategy. You aren't just investing in the strategy but also in the fund managers ability to execute on this strategy.
Because you have a specific time horizon and you mentioned hedging the options strategies seems like a decent idea. You mentioned buying puts, but you could also sell call options, much like shorting stocks. This will give you leverage. You can do this by using derivatives of index etfs or hand select the companies you think are going down.
You mention the fees at low cost brokerages being too high. They are typically around $15 per trade. To be honest if you aren't investing ~5000 even the greatest return probably woulnd't be worth the time and research necessary for completing the transaction.
Also ignore the people saying its a sure fire way to lose money. Being speculative is an important function of the economy. No risk no reward!