Currency ETFs, particularly leveraged fare, are not every investor’s cup of tea, but the ProShares UltraShort Australian Dollar (NYSEArca: CROC) could be the most dependable Australia ETF in the near-term. CROC, which attempts to deliver twice the daily inverse performance of the AUD/USD pair, is up nearly 14% this year.

There are reasons for risk-tolerant traders to consider CROC, including Kent noting that the Aussie remains overvalued. Of course, that is towing the RBA line and currency markets are already pricing more RBA rate cuts later this year, but there is more to long CROC thesis. [More Pain for Aussie ETFs]

As Rareview Macro founder Neil Azous points out, Credit Suisse recently the Aussie could fall to 60 cents, or even as low as 50 cents against its U.S. rival over the next five years. Credit Suisse notes that as U.S. interest rates rise, the carry trade that saw currency traders borrow U.S. dollars to buy the higher yielding Aussie will be repudiated.

CROC was one of just 13 ETFs to hit an all-time high yesterday.

ProShares UltraShort Australian Dollar