There is some hard evidence that traders have recently embraced CROC. The ETF had just $3.7 million in assets under management as of the end of the first quarter. Since May 5, CROC has raked in over $12 million, according to Index Universe data.

As has been said many times before, leveraged ETFs should be treated as trades, not long-term investments, but with downside to 90 cents against the greenback possible for the Aussie, CROC may be anything but a crock of a short-term trade.

ProShares UltraShort Australian Dollar

ETF Trends editorial team contributed to this article.