Traders who think the value of the S&P 500 when priced in gold is set to decline can tap a sophisticated exchange traded fund to profit.

FactorShares 2X Gold Bull/S&P 500 Bear (NYSEArca: FSG), which was launched earlier this year, rises when the price of gold outperforms U.S. stocks. It has a management fee of 0.75%.

The S&P 500 is sitting below where it stood in 2000 after two major corrections — the dot-com crash and the credit meltdown in 2008. However, the index’s performance is even worse when priced in gold.

The yellow metal has enjoyed a multiyear bull market with momentum really picking up after the credit crisis and the Federal Reserve’s quantitative easing programs to support the U.S. economy. The U.S. dollar has been in a downtrend since the middle of 2010, although it has firmed a bit the past three months.

The ETF establishes a long position in gold futures and a short position in the S&P 500 eMini to deliver a return of the daily differential between the two, according to manager FactorShares.

“Investors who believe gold will increase in value relative to large-cap U.S. equities in one day or less might be interested in this relatively new product,” it says, adding the ETF is the only product long gold and short S&P.

FactorShares 2X Gold Bull/S&P 500 Bear fell on Thursday as the Dow surged over 100 points and the price of gold traded below $1,600 an ounce.

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