VIX options are a scam, so definitely not those. there's some VIX-related etfs like UVXY, but the best return is going to be buying some long-dated far out of the money index options. you'd want 6-12 months to expiration and a delta under .10. SPX/SPY/QQQ puts would be the best play. you'd also probably want to hedge with some short term call exposure in case this pump keeps going. I have June SPY 400 puts right now
I opened this up when VIX hit it's low on Tuesday and the puts are down 10% due to JPow, but the call hedge has the overall position up almost 20% even with it going against me. to see how the profitability changes with volatility increasing, slide the implied volatility slider up to 25% (VIX reverts to mean at roughly 25%) or 35% (VIX to about 20)
View my options strategy on OptionStrat
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