A similar situation has evolved with inverse oil ETFs. Over the past month, the VelocityShares 3x Inverse Crude (NYSEArca: DWTI), ProShares UltraShort Bloomberg Crude Oil (NYSEArca: SCO) and the PowerShares DB Crude Oil Double Short ETN (NYSEArca: DTO) are three of the top-six leveraged ETFs with an average gain of 38%. Yet all three of those ETPs have lost cash, shedding a combined $151 million in assets since the start of the fourth quarter. [Exploit Falling Oil Prices With These ETFs]

Silver ETFs have not been immune to this perversion. The VelocityShares 3x Inverse Silver ETN (NYSEArca: DSLV) is up 23.5% in the past month while the ProShares UltraShort Silver (NYSEArca: ZSL) is higher by 14.7%. However, DSLV is lighter by $5.6 million while ZSL has seen only meager inflows.

ProShares UltraShort Gold

Tom Lydon’s clients own shares of GLD.

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