Long-short exchange traded funds (ETFs) have outperformed any other fund analyzed by Morningstar so far this year.

Long-short funds combine traditional long or bullish bets with short or bearish ones that allow fund managers to profit even when the market falls, says Ian Salisbury for The Wall Street Journal.

The funds have delivered, as far as their promised performance amid all of the market turmoil. Nonetheless take these gains with a grain of salt. Known drawbacks to these types are short track records and mediocre returns when the market is doing fine, as it was in 2005-2006.

Bear market ETFs make up 20 of the top 25 spots on Morningstar’s list, and the top performing ETF year-to-date is ProShares UltraShort Semiconductor (SSG). It’s up 37.5%.

The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.