With the major U.S. indexes having violated key technical levels on the downside, this is no time to get caught without some protection. Nor is this the time to get caught up in all the attacks and misinformation regarding leveraged and inverse ETFs. Treat these ETFs as what they are and that is short-term trading vehicles and you stand an excellent chance of not only protecting your portfolio in what has turned into a very ugly market, but also profiting along the way. With the path of least resistance clearly down over the near-term, these are five leveraged and inverse ETFs you must absolutely get to know and do so soon. Direxion Daily Russia Bear 3X Shares (NYSE:

): As we write this, the newly minted Direxion Daily Russia Bear 3X Shares is up 28%...in a single trading day. There is probably more upside to come here because the Market Vectors Russia ETF (NYSE:

) has violated a key support level. Add to that, oil prices are looking weak due to global growth concerns and the time is right to short Russia. ProShares UltraShort Brazil (NYSE:

): We've been bearish on Brazil for a while now, so BZQ's appearance on this list should come as no surprise. The ETF is up over 14% in the past week, but there's more to come. As is the case with Russia, the iShares MSCI Brazil Index Fund (NYSE:

) is fallen through a key support area. Time BZQ right and you can make 15% in two days, easy. Direxion Daily Latin America Bear 3X Shares (NYSE: LHB): It's not just Brazil. Nearly every major LatAm bourse is looking like it's going to retest its 2011 lows, if not go lower. Mexico, Chile, etc. all look terrible right now. If BZQ doesn't have a enough juice for you, LHB is your best bet. ProShares UltraShort QQQ (NYSE:

): Tech was looking nice there for a while, but Apple (Nasdaq:

) and Amazon (Nasdaq:

) can't do all the work by themselves. Not to mention, it was only a matter of time before the S&P 500's woes trickled down to the Nasdaq. The most docile name on this list, but QID still packs a punch. A great hedge for long-term Apple or Amazon holders. ProShares UltraShort FTSE China 25 (NYSE:

): Let's illustrate why FXP is the way to play China these days. Not only are emerging markets of all stripes being taken to the woodshed, China is one of the big reasons. With its own economic woes, the country has not been the savior of global growth. Illustration: FXP was a $32 ETF earlier this month. Today, it flirts with $44.