ProShares UltraShort FTSE Europe ETF (ARCA: EPV)

ProShares UltraShort FTSE Europe ETF (ARCA:EPV), Quote.Headers.trade-ideas

The Fund invests in financial instruments that ProShare Advisors believes, in combination, should produce daily returns consistent with the Daily Target. The Index is constructed and maintained by FTSE International Limited. The Index is a market capitalization weighted index representing the performance of large-, mid- and small-cap companies in Developed European markets, including the UK. As of June 30, 2023, the Index consisted of the following 16 developed market countries: Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, the Netherlands, Norway, Poland, Portugal, Spain, Sweden, Switzerland and the United Kingdom. The Index is published under the Bloomberg ticker symbol ACDER.

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ProShares, the largest issuer of inverse and leveraged exchange-traded funds, is making changes to some its ETFs ahead of the separation of real estate into its own sector at the end of August.
<h3>Real Estate Separation</h3>
In 2014 index providers MSCI and Standard &amp; Poor&#39;s announced that real estate will be separated from the financial services sector, becoming the eleventh GICS sector in the process. With financial services funds preparing to drop real estate stocks, the UltraPro Financial Select Sector (ProShares Trust (NYSE: <a class="ticker" href="/stock/finu#NYSE">FINU</a>)) and the UltraPro Short Financial Select Sector (ProShares Trust (NYSE: <a class="ticker" href="/stock/finz#NYSE">FINZ</a>)) will start tracking the S&amp;P Financial Select Sector Index, which excludes real estate stocks.
<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/analyst-ratings/analyst-color/16/07/8235303/reit-etfs-keep-the-good-times-going">REIT ETFs Keep The Good Times Going</a></bzrelatedlink>
That change goes into effect after the close of business on September 16, 2016, <a href="http://www.businesswire.com/news/home/20160725006313/en/ProShares-Announces-ETF-Lineup">according to a statement</a> from Maryland-based ProShares.
<h3>Specific Changes</h3>
The ProShares S&amp;P 500 Ex-Financials ETF (NYSE: <a class="ticker" href="/stock/spxn#NYSE">SPXN</a>), an ETF that as its name implies excludes financial services stocks, will start tracking the S&amp;P 500 Ex-Financials and Real Estate Index as a result of real estate becoming its own sector. However, the index constituents and SPXN&rsquo;s portfolio will remain the same, according to ProShares.
<h3>Looking Toward Europe</h3>
The ProShares Ultra MSCI Europe (NYSE: <a class="ticker" href="/stock/upv#NYSE">UPV</a>) and the ProShares UltraShort FTSE Europe ETF (NYSE: <a class="ticker" href="/stock/epv#NYSE">EPV</a>) will move to the FTSE Developed Europe All Cap Index from the FTSE Developed Europe Index.
Additionally, ProShares announced the closure of nine ETFs, which cease taking orders after the close of business on August 25.
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Changes Coming For Some ProShares ETFs

<li>Wondering how to profit from a declining market without becoming a short seller?</li>
<li><a href="https://www.motifinvesting.com">Motif Investing</a> constantly looks for &ldquo;trends, ideas and world events that could create an investment opportunity,&rdquo; and then picks 10 to 30 related stocks to build portfolios around, weighing them based on their exposure to the coinciding idea, event or trend.</li>


	Below is a brief look into a portfolio &ldquo;designed to track two times the inverse performance of the broader international stock market, by utilizing inverse leveraged country-specific ETFs.&rdquo;
<h3>The Bear International Market And Leveraged ETFs</h3>

	The people behind this motif explained that leveraged ETFs are conceived to reach their investment objective &ldquo;on a daily basis and may not track an underlying index over an extended period of time.&rdquo;

	They warn, however, that &ldquo;ETFs with Leveraged and Inverse strategies can accelerate the risk and volatility of an investment beyond that of a traditional ETF strategy.&rdquo; So, people who decide to invest in the<a href="https://www.motifinvesting.com/motifs/bear-international-market"> Bear International Market</a> motif should be aware of the unique risks involved.

	Each Leveraged/Inverse ETF in the portfolio tracks a different investment objective and strategy. So, those responsible for the portfolio recommend reviewing each ETF&#39;s prospectus (objective and strategy) carefully before investing. Moreover, they advise investors to &ldquo;monitor closely the volatility of each ETF in the motif closely to determine how activity in the marketplace may be impacting the performance of the individual ETFs in portfolio as well as the overall performance of the motif.&rdquo;
<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/general/biotech/15/09/5821737/a-portfolio-to-support-cancer-treatments-in-time-for-prostate-cancer-a">A Portfolio To Support Cancer Treatments In Time For Prostate Cancer Awareness Month</a></bzrelatedlink>

	&ldquo;Leveraged/Inverse ETFs may not be suitable for investors who plan to hold positions for longer than one trading session or who may not fully understand the impact of daily compounding of leveraged investment returns, and who may not actively monitor their positions throughout the trading day,&rdquo; they concluded.
<h3>Performance And Allocation</h3>

	Over the past year, the Bear International Market motif has widely outperformed the market, delivering a 54.6 percent return, mainly driven by the 26.6 percent surge it experienced over the last month.

	<img alt="" src="https://www.benzinga.com/files/u82070/bear_markets.png" /> 
	Source: Motif Investing

	The portfolio allocates its assets to four U.S.-listed ETFs &ldquo;that track the inverse performance of relevant countries and regions within the global stock market.&rdquo; Allocation goes as follows:
<ul>
<li>Brazil: ProShares UltraShort MSCI Brazil Capped (NYSE: <a class="ticker" href="/stock/bzq#NYSE">BZQ</a>) &ndash; 29.9 percent</li>
<li>China: ProShares UltraShort FTSE China 50 (NYSE: <a class="ticker" href="/stock/fxp#NYSE">FXP</a>) &ndash; 27.9 percent</li>
<li>Emerging Markets: ProShares UltraShrt Mrkt (ETF)(NYSEARCA:EEV) &ndash; 25.5 percent</li>
<li>Europe: ProShares UltraShort FTSE Europe ETF (NYSE: <a class="ticker" href="/stock/epv#NYSE">EPV</a>) &ndash; 16.7 percent</li>
</ul>
Image Credit: <a href="https://pixabay.com/en/hand-man-fig-flick-flick-off-65688/">Public Domain</a>

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Emerging Market ETFs

ProShares UltraShort MSCI Emerging Markets

How To Short The Global Economy Without Becoming A Short-Seller

August was a dismal month for stocks the world over and that certainly includes European equities. Sliding commodities prices, a suddenly buoyant euro and a spate of China-related woes were among the issues that dragged the Stoxx Europe 600 Index to an August performance that was its worst monthly showing in four years.

	And for bad measure, the Stoxx Europe 600 Index slid another 2.7 percent Tuesday. Predictably, Europe exchange traded funds trading in New York are responding in kind. Over the past month, the Vanguard FTSE Europe ETF (NYSE: <a class="ticker" href="/stock/vgk#NYSE">VGK</a>) and the iShares Europe ETF (NYSE: <a class="ticker" href="/stock/iev#NYSE">IEV</a>) have both posted losses in excess of 9 percent.

	Tumbling European stocks and ETFs have not been enough to motivate investors to rush to the ProShares UltraShort FTSE Europe ETF (NYSE: <a class="ticker" href="/stock/epv#NYSE">EPV</a>), an ETF that is proving to be a prime beneficiary of sliding European stocks. EPV attempts to deliver <a href="http://www.proshares.com/funds/epv.html">double the daily inverse</a> performance of the FTSE Developed Europe Index, the underlying benchmark tracked by the aforementioned Vanguard FTSE Europe ETF.

	Related Link: <a href="http://www.benzinga.com/news/15/09/5804702/conservative-sector-etf-ideas-for-september">Conservative Sector ETF Ideas For September</a>

	Bolstering the case for EPV in the near-term is the vulnerability of the single-country ETFs tracking the FTSE Developed Europe Index&#39;s largest country weights. The index devotes nearly 61 percent of its combined weight to the UK, France and Switzerland and the corresponding single-country ETFs for those nations reside an average of less than 5.3 percent <a href="http://www.benzinga.com/trading-ideas/long-ideas/15/08/5799843/swiss-miss-switzerland-skirts-recession-but-etfs-struggle">off their 52-week lows</a>, but all three are at least 10 removed from their 52-week highs.

	Those factors have not been enough to motivate traders to get involved with EPV in earnest. Last month, traders allocated less than $1.8 million to EPV while pouring almost $758 million into VGK. Let that sink in for a minute. EPV is up 20.3 percent over the past month, a performance that is actually better than double VGK&#39;s loss over the same span, but market participants are getting burned by the Vanguard fund while reaping what amounts to no rewards with EPV.

	Perhaps the best thing that can be said of traders&#39; treatment of EPV is at least they are not flocking to the ETF&#39;s bullish equivalents. Last month, the Direxion Daily FTSE Europe 3x Bull Shares (NYSE: <a class="ticker" href="/stock/eurl#NYSE">EURL</a>) and the ProShares Ultra FTSE Europe ETF (NYSE: <a class="ticker" href="/stock/upv#NYSE">UPV</a>) lost a combined $7.2 million. UPV, the double-leveraged bullish play on the FTSE Developed Europe Index, is down 18 percent over the past month.

Intraday Update

EURL

Bearish Europe ETF Shines, But Where's The Love?

Here is the ETF Professor's ETF Watch List for Tuesday, March 26, 2013.

The ProShares UltraShort MSCI Europe (NYSE: <a class="ticker" href="/stock/epv#NYSE">EPV</a>) should remain in play.

Give the Direxion Daily Financial Bear 3X Shares (NYSE: <a class="ticker" href="/stock/faz#NYSE">FAZ</a>) a look.

Keep an eye on the United States Natural Gas Fund (NYSE: <a class="ticker" href="/stock/ung#NYSE">UNG</a>).

Emerging markets plays of the day: Direxion Daily Russia Bear 3X Shares (NYSE: <a class="ticker" href="/stock/russ#NYSE">RUSS</a>), WisdomTree Emerging Markets Small-Cap Dividend ETF (NYSE: <a class="ticker" href="/stock/dgs#NYSE">DGS</a>) and EGShares Emerging Markets Consumer ETF (NYSE: <a class="ticker" href="/stock/econ#NYSE">ECON</a>).

Forex play of the day: PowerShares DB US Dollar Index Bullish (NYSE: <a class="ticker" href="/stock/uup#NYSE">UUP</a>).

Bond play of the day: iShares Barclays Aggregate Bond (NYSE: <a class="ticker" href="/stock/agg#NYSE">AGG</a>).

New ETFs

Currency ETFs

Pre-Market Outlook

Wisdomtree Emerging Markets Smallcap Dividend Fund

Emerging Global Shares Dow Jones Emerging Marketsnsumer Titan Index Fund

ECON

RUSS

PowerShares DB US Dollar Index Bullish Fund

ETFs to Watch March 26, 2013 (AGG, EPV, UNG)

Here is the ETF Professor's ETF Watch List for Monday, March 18, 2013.

The ProShares UltraShort MSCI Europe (NYSE: <a class="ticker" href="/stock/epv#NYSE">EPV</a>) should be in play.

Give the ProShares UltraShort Oil &amp; Gas (NYSE: <a class="ticker" href="/stock/dug#NYSE">DUG</a>) a look.

Keep an eye on the Utilities Select Sector SPDR (NYSE: <a class="ticker" href="/stock/xlu#NYSE">XLU</a>).

The iShares Gold Trust (NYSE: <a class="ticker" href="/stock/iau#NYSE">IAU</a>) could bounce.

Emerging markets plays of the day: Direxion Daily Emerging Markets Daily 3X Bear Shares (NYSE: <a class="ticker" href="/stock/edz#NYSE">EDZ</a>), ProShares UltraShort Brazil (NYSE: <a class="ticker" href="/stock/bzq#NYSE">BZQ</a>) and the iShares MSCI Turkey Investable Market Index Fund (NYSE: <a class="ticker" href="/stock/tur#NYSE">TUR</a>).

Forex play of the day: ProShares UltraShort Euro (NYSE: <a class="ticker" href="/stock/euo#NYSE">EUO</a>).

Bond play of the day: iShares Barclays 20+ Year Treasury Bond Fund (NYSE: <a class="ticker" href="/stock/tlt#NYSE">TLT</a>).

Direxion Daily Emerging Markets Bear 3x Shares

iShares Trust Barclays 20+ Year Treasury Bond Fund

iShares MSCI Turkey Investable Market Index Fund

ETFs to Watch March 18, 2013 (EPV, IAU, TLT)

U.S. stocks ended last week on a slightly downbeat note, but Friday's glum action was a mere bump on the road of more weekly gains for the major U.S. indexes. Investors might want to cherish the memory of those gains, at least for the next day or two, because Monday's open could be nasty one.

	Once a gain, a small Eurozone member is seen roiling global equity markets as Cyprus, an island nation of just 1 million citizens, is flirting with a run on its banks. That is because Cyprus' parliament, on Sunday, delayed a vote on taxing bank deposits at a rate of 6.75 percent for deposits under $131,000 and 9.9 percent for deposits over that amount.

	Those are the conditions of a bailout program agreed to buy the sixteen other Eurozone nations and the International Monetary Fund. If Cyprus does not comply, it could go bankrupt and be sent packing from the Eurozone. And there is one obvious reason why stocks and other risky assets could struggle today. With that in mind, here are a few of the ETFs to keep an eye on in the week ahead.

	ProShares UltraShort MSCI Europe (NYSE: <a class="ticker" href="/stock/epv#NYSE">EPV</a>) 
	One reason Cyprus' banks are ailing is over $5 billion in bad bets on Greek debt. Neither Cyprus, nor Greece command significant percentages in the Vanguard MSCI Europe ETF (NYSE: <a class="ticker" href="/stock/vgk#NYSE">VGK</a>), the ETF that the ProShares UltraShort MSCI Europe is double-leveraged inverse equivalent of.

	That does not matter because Sunday's Asian session, which included a plunging euro, a soaring U.S. dollar and tumbling S&amp;P 500 futures, indicates even tiny Cyprus could be a significant near-term hurdle for the bulls. EPV looked liked it had potential to deliver for traders in late February on the <a href="http://www.benzinga.com/trading-ideas/long-ideas/13/02/3364638/this-leveraged-play-could-be-etf-of-the-week">back of the Italian election results</a>, but upside did not materialize in impressive fashion.

	Still, EPV is in an ideal situation to move higher this week. Two areas to watch: Resistance at $25 for EPV and support at $49 for VGK. Breaks of those price levels could mean a very tough week in which to be long.

	iShares Gold Trust (NYSE: <a class="ticker" href="/stock/iau#NYSE">IAU</a>) 
	Gold's trials and tribulations to start 2013 are well-documented. The bears love it and the gold bugs are getting pensive and worrying that bullion's 12-year bull run could be at an end. Last week, Barclays slashed its gold price target to $1,646 per ounce from $1,778, <a>saying the yellow metal lacks catalysts</a>.

	Cyprus certainly qualifies as a catalyst. Gold rising above $1,600 per ounce for part of Monday's Asian session proves as much. Not to mention, traders appear to be doing some dip buying in gold. Hedge funds and other market participants boosted net long exposure to gold across 18 U.S. futures and options in the week ended March 12 by 30 percent to 528,680 contracts, the biggest gain since July and up from a four-year low the previous week, <a href="http://www.bloomberg.com/news/2013-03-17/bullish-bets-jump-most-since-july-as-gold-rebounds-commodities.html">Bloomberg reported, citing U.S. Commodity Futures Trading Commission data.</a> IAU is a buy above $15.20.

Direxion Daily Emerging Markets 3X Bear Shares (NYSE: <a class="ticker" href="/stock/edz#NYSE">EDZ</a>) 
	If there is any good news about the broader emerging markets universe this year, particularly the BRIC quartet, is that <a href="http://www.benzinga.com/trading-ideas/long-ideas/13/03/3391403/good-news-emerging-markets-etfs-are-cheap">valuations are cheap and perhaps attractive</a>. Thanks to Cyprus it would cheap is about to turn to "cheaper" given the proclivity of emerging markets equities to be adversely impacted by goings on in the eurozone.

	As for EDZ, here is why this triple-leveraged play makes this week's list. It is the inverse equivalent of the iShares MSCI Emerging Markets Index Fund (NYSE: <a class="ticker" href="/stock/eem#NYSE">EEM</a>), an ETF <a href="http://www.finviz.com/quote.ashx?t=eem&amp;ty=c&amp;ta=1&amp;p=d">with a concerning chart</a>. If EEM drops another four percent, it should catch support at its 200-day moving average. EDZ holders will love that because that likely means a gain of 11 or 12 percent.

	That could happen this week. After all, EDZ jumped almost eight last week alone.

	For more on ETFs, click <a href="http://www.benzinga.com/etfs">here</a>.

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A Look Ahead: This Week's ETFs to Watch

Here is the ETF Professor's ETF Watch List for Tuesday, February 26, 2013.

The ProShares UltraShort MSCI Europe (NYSE: <a class="ticker" href="/stock/epv#NYSE">EPV</a>) is one to watch.

Keep an eye on the ProShares UltraPro Short QQQ (NASDAQ: <a class="ticker" href="/stock/sqqq#NASDAQ">SQQQ</a>).

The ProShares Short MSCI EAFE (NYSE: <a class="ticker" href="/stock/efz#NYSE">EFZ</a>) is looking decent.

The United States Oil Fund (NYSE: <a class="ticker" href="/stock/uso#NYSE">USO</a>) could be in trouble.

Emerging markets plays of the day: Direxion Daily Emerging Markets 3X Bear Shares (NYSE: <a class="ticker" href="/stock/edz#NYSE">EDZ</a>), Market Vectors Indonesia ETF (NYSE: <a class="ticker" href="/stock/idx#NYSE">IDX</a>) and the iShares MSCI Brazil Index Fund (NYSE: <a class="ticker" href="/stock/ewz#NYSE">EWZ</a>).

Forex play of the day: PowerShares DB Dollar Bullish (NYSE: <a class="ticker" href="/stock/uup#NYSE">UUP</a>).

Bond play of the day: Vanguard Total Bond Market ETF (NYSE: <a class="ticker" href="/stock/bnd#NYSE">BND</a>).

SQQQ

ETFs to Watch February 26, 2013 (BND, SQQQ, USO)

With one day trading day already in the books, an ominous, but familiar theme is emerging this week: Europe roiling global markets and the corresponding ETFs being taken to the woodshed here in the U.S.

Shares of the iShares MSCI Italy Index Fund (NYSE: <a class="ticker" href="/stock/ewi#NYSE">EWI</a>) sank 5.7 percent on volume that was better than triple the daily average as Italian election results showed former Prime Minister Silvio Berlusconi's conservative party in position to take a majority in that country's senate. 

Italy fears dragged the iShares MSCI Spain Index Fund (NYSE: <a class="ticker" href="/stock/ewi#NYSE">EWI</a>) lower by nearly 5.4 percent on almost quadruple the average daily turnover. None of this was good for the Global X FTSE Greece 20 ETF (NYSE: <a class="ticker" href="/stock/grek#NYSE">GREK</a>), which plunge almost 8.1 percent on better than triple the usual volume.

Of course, the iShares MSCI U.K. Index Fund (NYSE: <a class="ticker" href="/stock/ewu#NYSE">EWU</a>) cannot be forgotten. That ETF lost 2.3 percent on heavy volume in the first full trading session after Moody's Investors Service stripped the U.K. of the prestigious AAA credit rating.

All of those factors have the ProShares UltraShort MSCI Europe (NYSE: <a class="ticker" href="/stock/epv#NYSE">EPV</a>) set up for a very nice week. Emphasis on "week" given EPV's penchant for disappointment over <a href="http://www.benzinga.com/trading-ideas/long-ideas/11/12/2210586/short-europe-etf-highlights-issues-with-leveraged-funds">long-term holding periods</a>.

EPV gained nearly six percent on almost quadruple its average volume Monday and a look at what exactly the ETF does indicates more near-term upside could be on the way. For starters, EPV is designed to deliver twice the daily inverse performance of the MSCI Europe Index. That index is currently tracked by the popular Vanguard MSCI Europe ETF (NYSE: <a class="ticker" href="/stock/vgk#NYSE">VGK</a>).

Ultimately, the loss of the AAA rating may not be much <a href="http://www.benzinga.com/trading-ideas/long-ideas/13/02/3363455/does-losing-aaa-credit-mean-much-to-europe-etfs">of a hindrance to EWU</a>, but for now it clearly is not helping matters. That is relevant to EPV because the MSCI Europe Index allocated almost 34 percent of its weight to the U.K. as of the end of January, <a href="https://www.msci.com/resources/factsheets/index_fact_sheet/msci-europe-index-net.pdf">according to MSCI data</a>.

That is more than double the 14.64 weight France has in the index. Combine Germany and Switzerland and the result is still just 27 percent of index's weight, affirming the notion that weakness in the U.K. is bad for this index, which is good for EPV.

Additionally, EPV could be boosted by a classic perception/reality debate. The reality is Italy and Spain are not significant portions of the MSCI Europe Index's weight. The two countries combine for just 8.2 percent of VGK, <a href="https://personal.vanguard.com/us/funds/snapshot?FundId=0963&amp;FundIntExt=INT#tab=2">according to Vanguard</a>.

All told, the five PIIGS nations equal just nine percent of VGK's weight. In a more sanguine environment, that reality would matter. However, it is the perception that the MSCI Europe Index is heavy on the Eurozone's most troubled constituents that bodes well for EPV this week. 

Again, EPV must be treated as a short-term trade, not a buy-and-hold investment. The one-year returns serve as a reminder. Before the start of trading Monday, VGK was up 7.14 percent in the past year. EPV was much worse than twice as bad as VGK over that time. Prior to Monday, EPV had plunged 31.4 percent over the past 12 months.

Those who do not enjoy the adrenaline rush of leveraged ETFs, but still want to profit from tumbling European stocks should consider the ProShares Short MSCI EAFE (NYSE: <a class="ticker" href="/stock/efz#NYSE">EFZ</a>). EFZ is the unleveraged inverse equivalent of the iShares MSCI EAFE Index Fund (NYSE: <a class="ticker" href="/stock/efa#NYSE">EFA</a>). Roughly two-thirds of EFA's weight is allocated to European nations. The U.K., France and Switzerland combine for 40 percent of EFA's weight.

For more on ETFs, click <a href="http://www.benzinga.com/etfs">here</a>.

After-Hours Center

GREK

This Leveraged Play Could be ETF of The Week

Direxion, the second-largest issuer of inverse and leveraged ETFs, has filed plans with the Securities and Exchange Commission to (possibly) introduce six new leveraged funds. The news comes less than two weeks after the firm announced it will <a href="http://www.benzinga.com/news/12/08/2805032/direxion-to-shutter-9-etfs">shutter nine of its funds because those products have failed to attract sufficient assets</a>.

Direxion has <a href="http://www.indexuniverse.com/sections/news/12889-direxion-adds-dow-etfs-to-plans.html">filed plans for four geared Dow Jones Industrial Average ETFs</a>. The funds are the Direxion Daily Dow 30 Bull 2X Shares, the Direxion Daily Dow 30 Bear 2X Shares, the Direxion Daily Dow 30 Bull 3X Shares and the Direxion Daily Dow 30 Bear 3X Shares.

The firm has also filed plans for the Direxion Daily European Equity Bull 3X Shares and the Direxion Daily European Equity Bear 3X Shares. Direxion's European funds will compete with the ProShares UltraShort MSCI Europe (NYSE: <a class="ticker" href="/stock/epv#NYSE">EPV</a>) and the ProShares Ultra MSCI Europe (NYSE: <a class="ticker" href="/stock/upv#NYSE">UPV</a>).

The new Dow funds from Direxion would compete with the ProShares UltraPro Short Dow30 (NYSE: <a class="ticker" href="/stock/sdow#NYSE">SDOW</a>) and the ProShares Ultra Dow30 (NYSE: <a class="ticker" href="/stock/ddm#NYSE">DDM</a>). Direxion's new funds would charge 0.75 percent per year, according to IndexUniverse. That might give the firm an advantage over ProShares, which charges 0.95 percent for DDM and SDOW.

SDOW

Direxion Files for Leveraged Dow ETFs

Strangely, some investors like the worst-performing ETFs and ETNs on the market. Citing data from ConvergEx Group, <a href="http://www.etftrends.com/2012/08/investors-buy-worst-performing-etfs/#.UBmNyRF9x54.twitter">ETF Trends notes</a> the 30 worst exchange-traded products with at least three-year track records have hauled in a staggering $14 billion in assets over the past three years.

Those ETFs and ETNs have plunged an average of 83 percent, while the top 30 funds have surged an average of 142 percent, ETF Trends reports. Flows to the top 30 products have only been $5.5 billion.

The big problem with throwing good money into bad ETFs is that some <a href="http://www.etftrends.com/2012/08/investors-buy-worst-performing-etfs/#.UBmNyRF9x54.twitter">laggards can continue to underperform for long periods of time</a>. Before concluding that large declines among exchange-traded products mean great value, investors might want to consider the extensive damage the following ETFs and ETNs have caused.

Direxion Daily Financial Bear 3X Shares (NYSE: <a class="ticker" href="/stock/faz#NYSE">FAZ</a>)
The Direxion Daily Financial Bear 3X Shares is one of the main subjects of seemingly never-ending leveraged ETF criticism. However, It might not be fair to say FAZ will kill one's brokerage account. If properly used, FAZ and comparable fare are actually great boosters of a portfolio's returns.

"Properly used" means adhering to the <a href="http://direxionshares.com/etf/fbe_3x_shares.html">advice of the issuer</a> and that is to treat FAZ and related ETFs as short-term instruments. Treating an ETF like FAZ the way Warren Buffett treats Coca-Cola (NYSE: <a class="ticker" href="/stock/ko#NYSE">KO</a>) may prove to be a foolhardy decision. Since November 2008, the height of the financial crisis, FAZ has plunged 94 percent.

iPath S&amp;P 500 VIX Short-Term Futures ETN (NYSE: <a class="ticker" href="/stock/vxx#NYSE">VXX</a>)
Even amid all the controversy surrounding the elocityShares Daily 2x Long VIX Short-Term ETN (NYSE: <a class="ticker" href="/stock/tvix#NYSE">TVIX</a>)<a href="http://www.benzinga.com/trading-ideas/long-ideas/12/03/2444514/seriously-credit-suisse-to-allow-new-tvix-creations-tvix-cs">earlier this year</a>, investors still love money-losing volatility ETNs.

As one telling example, the iPath S&amp;P 500 VIX Short-Term Futures ETN has over $1.6 billion in assets under management even though the ETN has plunged 97 percent since February 2009.

iPath S&amp;P 500 VIX Mid-Term Futures ETN (NYSE: <a class="ticker" href="/stock/vzx#NYSE">VZX</a>)
The performance gets a little better when investors opt to swap of short-term VIX futures in favor of the mid-term varietal. What that means is the iPath S&amp;P 500 VIX Mid-Term Futures ETN is off "just" 59.2 percent since February 2009. For some reason, the ETN still has $254.5 million in AUM.

ProShares UltraShort MSCI Europe (NYSE: <a class="ticker" href="/stock/epv#NYSE">EPV</a>)
On a percentage basis, the ProShares UltraShort MSCI Europe is not one of the top wealth-destroying ETFs out there. However, it might be one of the most disappointing exchange-traded products investors will come across.

Those who know little about leveraged ETFs might assume that EPV has boasted stellar returns over the past year. After all, Europe has constantly been the subject of negative headlines and the Vanguard MSCI Europe ETF (NYSE: <a class="ticker" href="/stock/vgk#NYSE">VGK</a>) is down 14.2 percent. Yet, as is the case with FAZ, long-term holders of EPV have been treated to <a href="http://www.benzinga.com/trading-ideas/long-ideas/11/12/2210586/short-europe-etf-highlights-issues-with-leveraged-funds">an experience worth forgetting</a>. EPV is down almost 22 percent in the past year even as European equities and VGK have been punished.

For more on controversial ETFs, click <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/01/2296227/these-despised-etfs-have-dominated-in-2012">here</a>.

TVIX

Barclays Bank iPath S&P 500 VIX Short-Term Futures ETN

These ETFs Will Crush Your Spirit and Your Brokerage Account

European policymakers meet in Brussels on Thursday and Friday in what is being hailed as the latest effort to hammer out substantive fiscal reform to restore economic health to the Eurozone. 

Financial markets have been down this road before: Traders get their hopes up that the latest EU summit will be the one that finally solves the region's debt crisis only to be let down when nothing definitive is solved.

Arguably, expectations are already low as some marquee European ETFs are being hammered today. The reasons are obvious. Moody's Investors Service is expected to downgraded Spanish banks as soon as today, <a href="http://www.reuters.com/article/2012/06/25/spain-banks-moodys-idUSE8E8EU02P20120625">according to Reuters</a>.

Spain, the Eurozone's fourth-largest economy, has formally requested assistance for its ailing banks. Yields on Italian and Spanish two-year sovereigns are blowing out today, the latest sign that investors' appetite for debt issued by the two PIIGS members remains tepid at best.

With all that headline risk at play, consider the following ETFs in advance of the EU summit.

PowerShares DB Italian Treasury Bond Futures ETN (NYSE: <a class="ticker" href="/stock/itly#NYSE">ITLY</a>)
ITLY tracks the DB USD BTP Futures index, which features securities with an original term of no longer than 16 years and remaining term to maturity of not less than 8 years and 6 months. Surprisingly, ITLY has only lost 3.1 percent in the past 90 days. That is an almost bullish performance considering that many traders view Italy as the next European shoe to drop after Spain.

On the other hand, it must be acknowledged that Italy is the only member of the PIIGS to not receive some form of bailout assistance--at least not yet. It is a big "if," but if policymakers are able to hammer out a plan for buying Italian and Spanish debt at this week's summit, ITLY would benefit.

WisdomTree Europe SmallCap Dividend Fund (NYSE: <a class="ticker" href="/stock/dfe#NYSE">DFE</a>)
The WisdomTree Europe SmallCap Dividend Fund is not the first ETF traders are thinking about heading into the summit, but the fund's country composition makes a valid play for the week. Eurozone countries account for nearly 59 percent of DFE's weight with Italy being the fund's second-largest country allocation at 13.5 percent.

Specific to the PIIGS, only Greece is not represented in DFE. The other four combine for about a quarter of DFE's total weight. DFE is technically vulnerable. If support at $31 gives out, selling pressure would likely accelerate.

iShares MSCI Spain Index Fund (NYSE: <a class="ticker" href="/stock/ewp#NYSE">EWP</a>)
Ahead of the summit, the iShares MSCI Spain Index Fund is being battered to the tune of five percent on Monday. EWP is an example of a technically vulnerable ETF. Yes, EWP is flirting with $23, but support at $20 needs to hold. With a looming downgrade for Spanish banks, EWP is vulnerable to near-term downside because financials account for almost 41 percent of the fund's weight. On its own, troubled Banco Santander (NYSE: <a class="ticker" href="/stock/std#NYSE">STD</a>) is nearly 21 percent of EWP's weight.

Due to severe headline risk and elevated bond yields, EWP is back at a place where the only way to play the ETF is short it or stay on the sidelines.

ProShares UltraShort MSCI Europe (NYSE: <a class="ticker" href="/stock/epv#NYSE">EPV</a>)
The ProShares UltraShort MSCI Europe is double-leveraged inverse answer to the Vanguard MSCI Europe ETF (NYSE: <a class="ticker" href="/stock/vgk#NYSE">VGK</a>). Those wondering about EPV's utility ahead of and after the summit only need to examine what countries comprise the MSCI Europe Index.

According to MSCI, those countries are as follows: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, and the United Kingdom.

While the U.K. and Switzerland figure prominently in the index, the mere fact that Europe is in the index name is cause for alarm. That tarnishes VGK and makes EPV worth embracing.

iShares MSCI Europe Financials Sector Index Fund (NASDAQ: <a class="ticker" href="/stock/eufn#NASDAQ">EUFN</a>)
With $21.7 million in assets under management and average daily volume of less than 38,000 shares, the iShares MSCI Europe Financials Sector Index Fund could be deemed an under-the-radar play in a more sanguine market environment. Unfortunately, sanguine is one of the least accurate ways of describing the current state of affairs in the Eurozone.

An ETF devoted exclusively to European bank stocks is apt to be punished these days and that is what has happened with EUFN. The fund is off 19.2 percent in the past three months. If EUFN trades below $14, it is vulnerable to a return to its 52-week low around $13.70.

For more on Europe ETFs, click <a href="http://www.benzinga.com/markets/bonds/12/06/2660092/italy-etfs-the-next-dominoes-to-fall">here</a>.

Bonds

Econ #s

Economics

WisdomTree Trust WisdomTree Europe SmallCap Dividend

iShares MSCI Europe Financials Sector Index Fund

EUFN

ITLY

5 ETFs for the EU Summit (EPV, EWP, ITLY)

Here is the ETF Professor's ETF Watch List for Friday June 22, 2012.

Give the Global X MLP ETF (NYSE: <a class="ticker" href="/stock/mlpa#NYSE">MLPA</a>) a look.

The ProShares UltraShort Basic Materials (NYSE: <a class="ticker" href="/stock/smn#NYSE">SMN</a>) will be in play as will the ProShares UltraShort MSCI Europe (NYSE: <a class="ticker" href="/stock/epv#NYSE">EPV</a>).

The ProShares UltraShort QQQ (NYSE: <a class="ticker" href="/stock/qid#NYSE">QID</a>) merits consideration.

Emerging markets plays of the day: Direxion Daily China Bear 3X Shares (NYSE: <a class="ticker" href="/stock/yang#NYSE">YANG</a>), iShares MSCI Brazil Index Fund (NYSE: <a class="ticker" href="/stock/epi#NYSE">EPI</a>) and the WisdomTree India Earnings ETF (NYSE: <a class="ticker" href="/stock/epi#NYSE">EPI</a>).

Currency play of the day: PowerShares DB Dollar Bullish (NYSE: <a class="ticker" href="/stock/uup#NYSE">UUP</a>).

Bond play of the day: Market Vectors High-Yield Muni ETF (NYSE: <a class="ticker" href="/stock/hyd#NYSE">HYD</a>).

Market Vectors High Yield Municipal Index ETF

MLPA

YANG

ETFs to Watch June 22, 2012 (EPV, HYD, YANG)

Greece will hold elections Sunday. Many market observers believe the battle between radical leftist Alexis Tsipras and New Democracy leader Antonis Samaras could decide the country's future relationship with the Eurozone.

Widely viewed as the first country to potentially depart the 17-nation common currency scheme, Greece and its fiscal woes have been roiling global markets for nearly two years. Tsipras opposes the terms of bailout plans, but has said he wants his country to remain in the Eurozone. His opponent Samaras, who supports the bailout, has said he would like to renegotiate terms of a loan deal in an effort to inflict less pain on the Greek populace.

No matter the outcome, a Greek departure from the common currency and subsequent return to the drachma would have dire consequences. Greek banks are already seeing up to $1 billion per day in withdrawals, and could be crushed by a drachma return. Citigroup (NYSE: <a class="ticker" href="/stock/c#NYSE">C</a>) said last month <a href="http://www.cnbc.com/id/47547122">that the new drachma would immediately lose 60% of its value</a>.

To say this election is important is an understatement. Traders can prepare for the outcomes with the following ETFs:

Global X FTSE Greece 20 ETF (NYSE: <a class="ticker" href="/stock/grek#NYSE">GREK</a>)
An obvious play, but it is worth noting that thinly traded GREK saw its volume explode on Thursday. Speculation was rampant that global central banks were preparing plans to inject liquidity into the international financial system following the Greek elections. That rumor sent GREK up 12.5% on better than quadruple the fund's average daily volume.

Financials account for a third of GREK's allocation, which amplifies the impact Sunday's election could have on this ETF. GREK has gained almost 19% in the past five trading days and that rapid gain could underscore the ETF's vulnerability on the downside. On Thursday, it took less than 64,000 shares to move this ETF up almost 13%. In other words, it wouldn't take many sell orders to send GREK to a double-digit loss after the election.

Vanguard MSCI Europe ETF (NYSE: <a class="ticker" href="/stock/vgk#NYSE">VGK</a>)
The Vanguard MSCI Europe ETF is not heavy on Greek equities, but it is one of the premier Europe ETFs. Despite the fact that VGK is home to plenty of blue-chip names, the Europe label has plagued this fund, which has lost almost 22% in the past year. 

VGK recently found support near $38, but the fund faces what could prove to be stiff overhead resistance around $42. If things do not go well in Greece on Sunday, resistance will not be a problem for VGK. Those looking to hedge a long-term position in VGK or make an outright bet against the fund should consider the ProShares UltraShort MSCI Europe (NYSE: <a class="ticker" href="/stock/epv#NYSE">EPV</a>).

Guggenheim Shipping ETF (NYSE: <a class="ticker" href="/stock/sea#NYSE">SEA</a>)
In 2011, Greece's economy was the 34th-largest in the world, according to the CIA World Factbook. That is just small enough to ensure the country does not receive a lot of large allocations among ETFs offering international exposure. 

The Guggenheim Shipping ETF, a <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/04/2482369/stormy-seas-ahead-for-the-shipping-etf">a fund that is sensitive to macroeconomic trends</a>, features a 10.5% weight to Greece. That makes SEA the ETF with the second-largest Greece exposure after GREK. Stormy seas could await this fund come Monday.

iShares MSCI Spain Index Fund (NYSE: <a class="ticker" href="/stock/ewp#NYSE">EWP</a>)
EWP has jumped almost 4.5% in the past week, but the only way this downtrodden fund keeps that momentum going is for global markets to be truly satisfied with the Greek election results. If that does not happen and Greece stamps its ticket out of the Eurozone, traders' attention will shift to Spain on speculation that the country will follow Greece out the door. 

Spain's bond yields remain elevated and the country is teetering on the brink of a move to non-investment grade status. That means EWP is not to be trusted as anything more than a short-term trade.

PowerShares DB Italian Treasury Bond Futures ETN (NYSE: <a class="ticker" href="/stock/itly#NYSE">ITLY</a>)
ITLY and its leveraged cousin, the PowerShares DB 3x Italian Treasury Bond Futures ETN (NYSE: <a class="ticker" href="/stock/itlt#NYSE">ITLT</a>), are direct <a href="http://www.benzinga.com/markets/bonds/12/06/2660092/italy-etfs-the-next-dominoes-to-fall">plays on Italy's problems</a>, but the order of the European dominoes appears to be Greece, Spain then Italy. Bottom line: If Greece heads out of the Euro Zone, investors are not going to be putting cash to work with Italian bonds.

iShares Gold Trust (NYSE: <a class="ticker" href="/stock/iau#NYSE">IAU</a>)
For much of 2012, gold has behaved like a risk asset, not a safe haven. The yellow metal's risk status has been changing for the better over the past month. The CurrencyShares Euro Trust (NYSE: <a class="ticker" href="/stock/fxe#NYSE">FXE</a>) is down 1.7% since May 15, but IAU is up 4.3%. 

Those looking to make a bet against moving to the upside post-Greece elections should consider the PowerShares DB Gold Double Short ETN (NYSE: <a class="ticker" href="/stock/dzz#NYSE">DZZ</a>) or the PowerShares DB Dollar Bullish (NYSE: <a class="ticker" href="/stock/uup#NYSE">UUP</a>) as a more conservative option.

For more on European ETFs, click <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/06/2644996/bank-run-etfs-for-a-run-on-european-banks-ewp-gxf-ewo">here</a>

PowerShares DB 3x Italian Treasury Bond Futures ETN

ITLT

Ride The Wave Or Fade It? ETFs For Greek Election Results

Here is the ETF Professor's ETF Watch List for Thursday June 14, 2012.

The ProShares UltraShort MSCI Europe (NYSE: <a class="ticker" href="/stock/epv#NYSE">EPV</a>) is a must-watch.

The SPDR S&amp;P Retail ETF (NYSE: <a class="ticker" href="/stock/xrt#NYSE">XRT</a>) is looking like it's in trouble.

Keep an eye on the Market Vectors Pharmaceuticals ETF (NYSE: <a class="ticker" href="/stock/pph#NYSE">PPH</a>).

Emerging markets plays of the day: ProShares UltraShort Brazil (NYSE: <a class="ticker" href="/stock/bzq#NYSE">BZQ</a>), iShares MSCI Turkey Investable Market Index Fund and the PowerShares India ETF Portfolio (NYSE: <a class="ticker" href="/stock/pin#NYSE">PIN</a>).

Forex play of the day: ProShares UltraShort Euro (NYSE: <a class="ticker" href="/stock/euo#NYSE">EUO</a>).

Bond play of they day: PowerShares Fundamental High Yield Corporate Bond ETF (NYSE: <a class="ticker" href="/stock/phb#NYSE">PHB</a>).

PowerShares Fundamental High Yieldorate Bond Portfolio

Merrill Lynch Pharmaceutical HOLDRs Trust

ETFs to Watch June 14, 2012 (EUO, EPV, XRT)

Here is the ETF Professor's ETF Watch List for Tuesday June 12, 2012.

Keep an eye on the Market Vectors Unconventional Oil &amp; Gas ETF (NYSE: <a class="ticker" href="/stock/frak#NYSE">FRAK</a>).

The Market Vectors Coal ETF (NYSE: <a class="ticker" href="/stock/kol#NYSE">KOL</a>) is an absolute mess.

Inverse plays of the day: ProShares UltraShort FTSE China 25 (NYSE: <a class="ticker" href="/stock/fxp#NYSE">FXP</a>) and the ProShares UltraShort MSCI Europe (NYSE: <a class="ticker" href="/stock/epv#NYSE">EPV</a>).

Emerging markets plays of the day: iShares MSCI Brazil Index Fund (NYSE: <a class="ticker" href="/stock/ewz#NYSE">EWZ</a>), WisdomTree India Earnings ETF (NYSE: <a class="ticker" href="/stock/epi#NYSE">EPI</a>) and the iShares MSCI Turkey Investable Market Index Fund (NYSE: <a class="ticker" href="/stock/tur#NYSE">TUR</a>).

Forex play of the day: ProShares UltraShort Yen (NYSE: <a class="ticker" href="/stock/ycs#NYSE">YCS</a>).

Bond play of the day: PIMCO Total Return ETF (NYSE: <a class="ticker" href="/stock/bond#NYSE">BOND</a>).

BOND

FRAK

ETFs to Watch June 12, 2012 (BOND, FXP, EPV)

The Definitive Scandinavian ETF Guide (EWD, GXF, EDEN)

By any metric, things are ugly in Europe and poised to get worse. Exchange traded funds tracking the various Euro Zone constituents paint the ugly picture. 

Here's a hypothetical situation that illustrates how dangerous investing in Europe is these: Assume an investor bought a basket of six country-specific Europe ETFs a month ago. Three ETFs tracking PIIGS countries, one each for France and Germany and one tracking a central European nation. Let's say that basket was comprised of the following: The iShares MSCI Germany Index Fund (NYSE: <a class="ticker" href="/stock/ewg#NYSE">EWG</a>), the iShares MSCI France Index Fund (NYSE: <a class="ticker" href="/stock/ewq#NYSE">EWQ</a>), the iShares MSCI Italy Index Fund (NYSE: <a class="ticker" href="/stock/ewi#NYSE">EWI</a>), the iShares MSCI Spain Index Fund (NYSE: <a class="ticker" href="/stock/ewp#NYSE">EWP</a>), the Global X FTSE Greece 20 ETF (NYSE: <a class="ticker" href="/stock/grek#NYSE">GREK</a>) and the iShares MSCI Austria Investable Market Index Fund (NYSE: <a class="ticker" href="/stock/ewo#NYSE">EWO</a>).

The average loss among that motley crew is 17.3%. Conversely, the ProShares UltraShort MSCI Europe (NYSE: <a class="ticker" href="/stock/epv#NYSE">EPV</a>) has surged 32% over the same time. 

Unfortunately, the Euro Zone's sovereign debt crisis is probably a contagion and it has dragged equity markets lower even in the European countries that had the good sense to not participate in the ill-conceived euro common currency. Yes, even the Scandinavian countries. 

While there's no ignoring the fact that Scandinavian equities and their corresponding ETFs have been tumbling recently, there are still opportunities among some of these countries, implying investors would be wise to remember that not all of Europe is as bad as say Greece or Spain. With that, use this guide to navigate the major Scandinavian ETFs.

iShares MSCI Finland Capped Investable Market Index Fund (BATS: EFNL)
A few disclaimers to start. First, if the ETFs featured in this guide were ranked in order of preference, the iShares MSCI Finland Capped Investable Market Index Fund would NOT be at the top list. That leads us to the second disclaimer: Finland uses the euro. 

Another thing to remember about EFNL: Nokia (NYSE: <a class="ticker" href="/stock/nok#NYSE">NOK</a>) is the ETF's top holding at 10.5% of the fund's total weight. Nokia is sort of like the Research In Motion (Nasdaq: <a class="ticker" href="/stock/rimm#Nasdaq">RIMM</a>) of Finland except for the part where RIM shares have performed better than Nokia's.

In fairness to EFNL, which debuted in January, it should be noted that <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/02/2368487/under-the-hood-feeling-finland-efnl-nok-aapl">Finland has a reasonable debt/GDP ratio and is one of the remaining members of the AAA credit rating club</a>. The fund has been hit with significant redemptions though. In late February, EFNL had $2.8 million in AUM. As of June 1 that number was below $2.1 million.

iShares MSCI Denmark Capped Investable Market Index Fund (BATS: EDEN)
When we profiled EDEN <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/01/2301349/escaping-europes-escapades-in-the-garden-of-eden">shortly after its late January debut</a> we noted Denmark has its fiscal house in order relative to Euro Zone members, of which is not one. Denmark's public debt load will reach 44.6% of the economy this year, compared with an average of 90.4% in the 17-member euro region, Bloomberg reported, citing the European Commission earlier this year.

EDEN's sector composition is conservative with 37.1% of the fund's weight going to health care names. In terms of individual holdings, Danish pharma giant Novo Nordisk (NYSE: <a class="ticker" href="/stock/nvo#NYSE">NVO</a>) represents 23.6% of the fund's weight. Home to 33 stocks, EDEN has over $2.5 million in AUM and charges 0.53%. 

The biggest issue with Denmark and EDEN is one U.S. investors are all too familiar with: Unemployment. Denmark has a U.S.-esque 8.1% jobless rate.

iShares MSCI Sweden Index Fund (NYSE: <a class="ticker" href="/stock/ewd#NYSE">EWD</a>)
The iShares MSCI Sweden Index Fund hasn't exactly been a peach in the past month, tumbling almost 16%, a slide that indicates even the largest Scandinavian economy hasn't been impervious to the Euro Zone's ills. That slide also means EWD now has a yield north of 4%, but let's not forget <a href="http://www.benzinga.com/markets/bonds/11/12/2227659/got-good-credit-these-countries-do-but-for-how-long">Sweden is another AAA country and that rating is not in any jeopardy at the moment</a>.

Sweden posted first-quarter GDP growth of 0.8%, which may not sound like much, but economists expected 0.2% and GDP growth is hard to find anywhere in Europe in these days. Consumer confidence has risen in Sweden for three consecutive months, indicating the $500 billion economy is more resilient than investors are currently giving it credit for. 

For now, EWD remains infected by the Euro Zone virus, but if it falls to and holds support at $22, that could be a fine point to get into Sweden game. As Sweden's greatest export, Abba, once crooned "Take A Chance On Me."

Global X Norway ETF (NYSE: <a class="ticker" href="/stock/norw#NYSE">NORW</a>)
The Global X Norway ETF has a <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/03/2402481/four-budding-etf-rivalries-worth-watching-norw-sil-smin">stealth rivalry going with another Norway ETF</a>, but no matter which Norway fund investors decide to roll the dice on, they're arguably getting exposure to one of the more dependable developed Europe economies.

NORW is down 17% in the past month and much of that decline is attributable to falling oil prices. Then again, Norway's status as a major non-OPEC oil producer has served the country well. This is another AAA-rated country with a fair debt/GDP ratio and the world's second-largest sovereign wealth fund. Norway also has one of the highest standards of living in the world and was recently ranked the second-happiest country on earth behind Australia.

Norway also has <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/06/2636695/not-even-norway-enor-norw">low unemployment and has been on the receiving end of some of the bank deposits that have recently been departing Greece and Spain</a>. Consider NORW or its rival the...

iShares MSCI Norway Capped Investable Market Index Fund (BATS: ENOR)
ENOR, which also debuted in late January, is tad more expensive than NORW with an expense ratio of 0.53% compared to 0.5% for its rival. On the other hand, the iShares fund is home to 50 stocks, compared to 30 for the Global X fund. 

ENOR is almost 51% allocated to the energy sector while NORW's energy weight is just over 49%. Each devotes more than 28% of their respective weights to Statoil (NYSE: <a class="ticker" href="/stock/sto#NYSE">STO</a>) and SeaDrill (NYSE: <a class="ticker" href="/stock/sdrl#NYSE">SDRL</a>). Over the past month, NORW has outperformed ENOR by 90 basis points.

Global X FTSE Nordic Region ETF (NYSE: <a class="ticker" href="/stock/gxf#NYSE">GXF</a>)
For those that just can't decide on a country-specific Scandinavian fund, the Global X FTSE Nordic Region ETF is the place to turn. Sweden dominates this ETF with a weight of 46.1% while Norway and Denmark both receive allocations north of 20.5%. Finland gets the rest.

GXF's sector composition is an important factor. Relatively light energy exposure (9.1%) means the fund can be paired with the likes of ENOR or NORW for those that really want to ratchet up their Scandinavian exposure. In addition, GXF's 30% weight to financials, its largest sector allocation, could prove useful going forward if fleeing deposits from the PIIGS continue to find their way north.

EDEN

EFNL

ENOR

NORW

RIMM

SDRL

The Definitive Scandinavian ETF Guide (EWD, GXF, EDEN)

Here is the ETF Professor's ETF Watch List for Monday June 4, 2012.

The Market Vectors Gold Miners ETF (NYSE: <a class="ticker" href="/stock/gdx#NYSE">GDX</a>) and the Global X Silver Miners ETF (NYSE: <a class="ticker" href="/stock/sil#NYSE">SIL</a>) are two to watch.

The ProShares UltraShort MSCI Europe (NYSE: <a class="ticker" href="/stock/epv#NYSE">EPV</a>) will certainly be in play.

The ProShares UltraShort Oil &amp; Gas (NYSE: <a class="ticker" href="/stock/dug#NYSE">DUG</a>) looks to be breaking out.

Emerging markets plays of the day: ProShares UltraShort Brazil (NYSE: <a class="ticker" href="/stock/bzq#NYSE">BZQ</a>), WisdomTree India Earnings ETF (NYSE: <a class="ticker" href="/stock/epi#NYSE">EPI</a>) and the iShares MSCI South Korea Index Fund (NYSE: <a class="ticker" href="/stock/ewy#NYSE">EWY</a>).

Forex play of the day: CurrencyShares Swiss Franc Trust (NYSE: <a class="ticker" href="/stock/fxf#NYSE">FXF</a>).

Bond play of the day: Market Vectors High-Yield Muni ETF (NYSE: <a class="ticker" href="/stock/hyd#NYSE">HYD</a>).

Market Vectors ETF Trust Market Vectors Gold Miners

ETFs to Watch June 4, 2012 (FXF, GDX, EPV)

Castigated and vilified, leveraged ETFs are good something and that something is rapid gains. Think about it. Prior to the debut of these highly controversial products, traders in search of double-digit returns in, say a few days or a week, were forced to rely on the futures and options markets. 

Those are still worthy avenues for those willing to embrace in the name of large short-term gains, but leveraged ETFs add more ammunition to traders' arsenals. Of course, there is a cautionary tale here and it must be acknowledged. As ProShares and Direxion, the two largest issuers of inverse and leveraged ETFs, make perfectly clear on their Web sites, these are daily instruments, not investments to be held for the long-term like shares of Coca-Cola (NYSE: <a class="ticker" href="/stock/ko#NYSE">KO</a>).

Do NOT throw caution to wind with leveraged ETFs, but do realize the current market environment is favorable to at least taking a nibble at a leveraged product or two. Here are five with the potential to offer double-digit gains by the end of next week.

ProShares UltraShort Oil &amp; Gas (NYSE: <a class="ticker" href="/stock/dug#NYSE">DUG</a>)
Following a gain of 6.1% on Wednesday, we admit we're not going out on a limb by saying this ETF could jump another 10% over the next seven trading days. The way things are setting up, there may not be a better time to give DUG a whirl than right now.

Oil inventories remain high, U.S. demand remains slack and that much was affirmed on Wednesday when the Energy Information Administration said U.S. oil demand fell to a 15-year low in the first quarter. Not to mention the charts of major oil stocks such as Exxon Mobil (NYSE: <a class="ticker" href="/stock/xom#NYSE">XOM</a>) and Chevron (NYSE: <a class="ticker" href="/stock/cvx#NYSE">CVX</a>) are getting worse by the day. Ten percent from current levels takes DUG just over $31.

Direxion Daily Gold Miners Bull 3X Shares (NYSE: <a class="ticker" href="/stock/nugt#NYSE">NUGT</a>)
This one is for the true believers and the real risk takers. With those disclaimers in mind, it should be noted that traditional long precious metals mining ETFs have been showing signs of life recently. Even the downtrodden Market Vectors Gold Mining ETF climbed higher on Wednesday while the broader was being drubbed. We know NUGT can notch a double-digit gain in a week because in the past week, the ETF is up 11.5%. A 10% move from here takes it just north of $12. Note NUGT's bearish cousin is the Direxion Daily Gold Miners Bear 3X Shares (NYSE: <a class="ticker" href="/stock/dust#NYSE">DUST</a>).

PowerShares DB Crude Oil Double Short ETN (NYSE: <a class="ticker" href="/stock/dto#NYSE">DTO</a>)
Many of the same sentiments that apply to DUG apply to the PowerShares DB Crude Oil Double Short ETN as well. If West Texas Intermediate futures, the U.S. benchmark, fall below $85 per barrel, a return to $80 is likely and the violation of $85 could hasten that move to $80. Even a move to $82-$83 could be enough to spark DTO higher by 10% or more.

Direxion Daily India Bear 3X Shares (NYSE: <a class="ticker" href="/stock/indz#NYSE">INDZ</a>)
The Direxion Daily India Bear 3X Shares would really be interesting to trade and observe if it even traded 100,000-200,000 shares per day. Those aren't particularly large volume figures, but INDZ's ADV isn't even 16,000 shares. 

What's important is that is that it's really just a matter of days before the iPath MSCI India Index ETN (NYSE: <a class="ticker" href="/stock/inp#NYSE">INP</a>), the WisdomTree India Earnings ETF (NYSE: <a class="ticker" href="/stock/epi#NYSE">EPI</a>) and other major India ETFs see new 52-week lows. If that helps INDZ break resistance at $40, watch out because 10% could arrive in just a day or two.

ProShares UltraShort MSCI Europe (NYSE: <a class="ticker" href="/stock/epv#NYSE">EPV</a>)
The ProShares UltraShort MSCI Europe could actually be the riskiest play on this list. All it would take to punish this ETF severely would be on iota of somewhat decent news out of Greece or Spain. Plus, asking for a 10% pop from Wednesday's close means EPV has to climb to levels not seen since December 2011. 

Then again this is Europe we're talking about and with no legitimate reason to be bullish on the continent, EPV might be the best Europe ETF out there right now. EPV just cleared its 200-day moving average around $45 and that would be a wise place to put a stop-loss order.

PowerShares DB Crude Oil Double Short ETN

DUST

INDZ

NUGT

5 ETFs That Could Jump 10%+ Over The Next Week (EPV, DUG, INDZ)

Here is the ETF Professor's ETF Watch List for Tuesday May 15, 2012.

The PowerShares DB Gold Double Short ETN (NYSE: <a class="ticker" href="/stock/dzz#NYSE">DZZ</a>) continues to charge higher.

Play oil's swoon with the PowerShares DB Crude Oil Double Short ETN (NYSE: <a class="ticker" href="/stock/dto#NYSE">DTO</a>).

Embrace the ProShares UltraShort MSCI Europe (NYSE: <a class="ticker" href="/stock/epv#NYSE">EPV</a>).

Emerging markets plays of the day: Market Vectors Indonesia ETF (NYSE: <a class="ticker" href="/stock/idx#NYSE">IDX</a>), ProShares UltraShort FTSE China 25 (NYSE: <a class="ticker" href="/stock/fxp#NYSE">FXP</a>) and the Direxion Daily Latin America Bear 3X Shares (NYSE: <a class="ticker" href="/stock/lhb#NYSE">LHB</a>).

Forex play of the day: PowerShares DB Dollar Bullish (NYSE: <a class="ticker" href="/stock/uup#NYSE">UUP</a>).

Bond play of the day: iShares Barclays 20+ Year Treasury Bond (NYSE: <a class="ticker" href="/stock/tlt#NYSE">TLT</a>).

ETFs to Watch May 15, 2012 (DZZ, EPV, TLT)

UltraShort FTSE Europe declares quarterly distribution of $0.1000

EU mulls ending funds to Hungary, suspending voting rights if it blocks Ukraine aid

UltraShort FTSE Europe declares quarterly distribution of $0.0696

Can a single capital markets union help European competitiveness?

Fed divergence: ECB officials confirm first rate cut next week

ECB set for first rate cut in nearly five years, but future path remains cloudy

European markets slip as investors digest results from EU elections

UltraShort FTSE Europe declares quarterly distribution of $0.1043

BBEU

DBEF

DBEU

EUDV

HEDJ

HEZU

IEUR

IEUS

JEMTF

SPEU

ProShares UltraShort FTSE Europe -2X Shares

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ProShares UltraShort FTSE Europe ETF

Overview

ProShares UltraShort FTSE Europe ETF (ARCA:EPV), Quote.Headers.trade-ideas