Traders of leveraged ETFs have been more comfortable being short emerging markets than long. For example, the ProShares Ultra MSCI Emerging Markets ETF (NYSEArca: EET) has lost more than $2 million in assets this year while the ProShares UltraShort MSCI Emerging Markets ETF (NYSEArca: EEV) has seen inflows north of $33 million.

ProShares UltraShort MSCI Emerging Markets ETF

Tom Lydon’s clients own shares of EEM.