ETF Spotlight on FactorShares 2X S&P500 Bull/TBond Bear (NYSEArca: FSE), part of an ongoing series. The exchange traded fund rallied about 17% on Tuesday.

Assets: $1.1 million.

Objective: The FactorShares 2X: S&P500 Bull/TBond Bear fund is a leveraged spread ETF, which profits from the outperformance of the S&P 500 relative to Treasury bonds in one day or less. It rallied on Tuesday as stocks surged and Treasury bond prices declined.

Holdings: The fund mimics the leveraged exposure by holding S&P 500 and Treasury bond futures contracts.