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Just wanted to throw a couple more in the mix--

SEF is ProShares' nonleveraged bear ETF for financials
SKF as mentioned by Sarah is the 2x leveraged
FAZ is a 3x leveraged (!!) financial bear

I'm fairly new to the market myself, so I don't have too much insight on things, but here's what I do know:

1. Buying shares of the above bear ETFs is safer than actually shorting the bull version (or vice versa if you want to bet the other way), since you're limiting your loss to 100% in case you're on the wrong side

2. The leveraged ETFs apparently suffer from this thing called "constant leverage trap" -- there's some good reading about that and ETFs in general here http://seekingalpha.com/article/31195-leveraged-etfs-a-value...

I would definitely read up on that to give you an idea of how leveraged ETFs work if you are unfamiliar.

Basically what I have gathered is that while these ETFs are great for short term hedging (I picked up some SKF myself 2 days ago to brace for a pullback), but they should not be held long due to this constant leverage trap.

HOWEVER from various other articles I've read on this topic, it pretty much depends on the timing of your position. During general bull runs, you'll significantly outperform the mirrored index, and vice versa on bear markets (duh). Just be prepared to stomach some crazy swings, the FAS/FAZ etfs have rollercoastered 30+% regularly these past few months
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